Yes, you can use losetup.

  ~# dd if=/dev/zero of=image.img bs=1M count=100
  ~# LODEVICE=$(losetup --find --show image.img)
  ~# fdisk $LODEVICE
  ~# losetup -d $LODEVICE

^ The above creates a 100MB disk image, binds it to a loopback device, runs fdisk, and then detaches it. I'm not sure how formatting the partition would work but presumably those tools have an offset option too?

edit: this page explains using offsets for mke2fs and doesn't require losetup: https://superuser.com/questions/737072/userspace-manipulatio...

also, losetup can now scan the device for partition tables and make partition-specific loopbacks! https://stackoverflow.com/a/15200862

You can run parted directly on the image file to make modifications.

    fallocate -l 1G disk.img
    parted ./disk.img