No, from the System Protection UI. But it's possible to write a scheduled task script to delete older restore points.
But you don't want to do that. System Restore points can be created for a number of reasons:
- Windows Updates are installed
- drivers are updated
- new applications are installed
- user initiated checkpoint
Some of these restore points may preserve a lot of changes, and some don't. For example, a driver update means it's not keeping many old files. But it counts as one restore point.
If you limit Windows to the last 4 restores, maybe the 5th or 6th backup was more important for keeping around. That's why System Restore bases itself on how much space is allocated. Once it runs over on disk space, Windows purges the oldest copies until it frees enough room for future backups.