Yup; it was last used in 1903, when Emperor Franz Joseph vetoed, through Prince Jan Maurycy Paweł Cardinal Puzyna de Kosielsko, Cardinal Mario Rampolla del Tindero's election to the papacy.
How's that for an example of what a fount of otherwise worthless knowledge I am?! :)
IIRC, Tindero was a free mason. The Royal Veto paved the way for eventual Saint Pius X to be elected Pope.
As a personal aside, Pope Leo XIII should be a saint. I wonder how his cause is coming along?