To go beyond generic Wiki syntax, SGML lets you define context-specific token replacement rules. For example, to make SGML format a simplistic markdown fragment into HTML, you could use an SGML prolog like this:
<!DOCTYPE p [
<!ELEMENT p - - ANY>
<!ELEMENT em - - (#PCDATA)>
<!ENTITY start-em '<em>'>
<!ENTITY end-em '</em>'>
<!SHORTREF in-p '*' start-em>
<!SHORTREF in-em '*' end-em>
<!USEMAP in-p p>
<!USEMAP in-em em>
]>
<p>The following text:
*this*
will be put into EM
element tags</p>