Is this possible? I'm working on a guitar track, would like the opening chord to the played 1 octave higher..is there a way to tell RT to play "this segment" higher/lower (realizing you won't get exactly the same performance)?

Only thing I can think of is to render that section of the track, but try using a related chord..
If it's a Cmaj7 try Em .. or if its Am7 try C6 .. see if a substitue chord can get you a different voicing. (?)

You also might try to use pitch shifting on the particular chord. Highlight the chord section
and go to the plugin.
I've used it on RTs for transposing RTs a step or two but never an octave.
It may not give you all the notes you're after but maybe a semblance of the sound.

The other note shifting software would be Melodyne - but is better for sliding single notes than chords. . . at least in the less expensive versions.
Transposing instrument waves using a pitch shifter like the one in RB often give a better effect than
trying to raise a human voice (no chipmunk effect)

Give it a shot - Ian
Let us know how it works.

My experience has been that pitch shifting only works for 1 or 2 intervals. If you try to do more, the distortion is really noticeable. I know there's equipment out there that can really do a lot to change audio tracks, but my budget sure won't let me have any.;).