This is possible if you work with virtual documents and model documents or with template fragments (depending on your needs)
If you are happy to report on the elements and all of their owned elements then you can use a model document that gets it data from a search defined in the tagged values. You'll have to make sure the search returns all of the elements you want to report on.
If you need first the owning element, then its owned elements, then the next owning element then you'll have to add two model documents for each of the top-level elements. One of the details of the element itself, and one of the details of the owned elements. Again with the search tagged values you can make sure it reports only the element you need.
Another option is to use an SQL or Script fragment to simply return the values you need from the owned elements and/or their tagged values.
There are a few good entries in the learning centre (Alt-F1) about this subject.