Autodesk has at least 3 third companies which develope addons and they are all this command.
In case of MicroStation, I have found this but they don´t reply.
http://www.centauron.de/site/produkte/gpsphotocell/allgemein.dot
I think this command should be already part of MicroStation, even ArcInfo has it.
Please clarify what you mean by 'create hyperlinks'.