Yes with components, you can mark any visual component ( think billboard will be the best choose for you) to be “Hidden in Game” and “Is Editor Only” in properties (you still need to hide the component as it still be visible in PIE). In costruction script which is executed on every change of location of actor you move component in location you want to mark, or clear all marking components and remake them.
With C++ you can also use component visualizerwhich is less physical and allows to draw anything in editor