No, distutils and its derivatives do not support that. You would have two codebases, each with a setup.py script, producing two different sets of sdists/wheels/RPMs. Or you could have one repository with e.g. setup_client.py and setup_server.py scripts (with different package name and list of files to package), but that is less common.
When we were developping distutils2, Tarek Ziadé wrote pypi2rpm to improve upon the bdist_rpm command provided in distutils. There is no recent development, probably because it provides the feature his team needs, but you could contact him and see if he’d accept a pull request adding support for subpackages.