Yes, you can. Here's Mentor's current policy statement regarding license servers and VM's:
"Mentor Graphics will make a reasonable effort to support license servers in virtual environments (e.g. VMware). This means that our Application Engineers will perform due diligence to assist our customers when problems arise. If no solution or workaround is found and the problem does not occur when using physical hardware, Mentor Graphics will advise the customer to follow up with their virtualization software vendor. Regardless of the license server environment, the customer must stay in compliance with all applicable license terms, including geographic floating restrictions and number of licenses in use."
In this case which hostid we need to use ?
Use the Ethernet address returned by the lmhostid or 'ifconfig eth0' command, just as you would for any Linux system.