Yep! The only thing about it that is really as must is that it must have a web or net in the middle of some shape (usually a hoop, but some like the Ojibwa use tear shapes). This net is how the dream catcher works, though we seem to have forgotten why. Some feel bad dreams are caught in the dream catcher and will therefore won't be able to reach the dreamer, but others feel that bad dreams go through the holes and good dreams are trapped and then slide down through the hanging decorations of the catcher (usually feathers) and into the sleeping person's head. For some nations it was also very symbolic of the spider's web, but I'm no expert in the Americas so I can't tell you why.
Besides that it was actually traditional to decorate your own dream catcher. The only reason we always think of beads and feathers is that this is what the Natives had to work with and liked. You as a modern Western magician obviously have other things to work with and which draw your interest.
Use what works, discard the rest.