Hello Sanskriti,
Yes, you may use the python component in OptiSystem located at Default/External Software Tools/CoSimulation Library/.
There are few examples in OptiSystem Example Library on using python component in OptiSystem located at the following link. Please make sure that you use the proper version of python to be able to run the examples.
C:\Users\USER NAME\Documents\OptiSystem 17.0 Samples\PythonScripts
Regards,
Ahmad