Yes. Use an AirTag. We use one for our dog. I have one in my laptop/toolkit bag at work. A new feature in iOS 17 allows for up to five people to share an AirTag - until now, it was one AirTag per person. We plan to use this new feature for both of us to keep track of our combined luggage on our next trip.
Apple Blurbs:
"AirTag is a supereasy way to keep track of your stuff. Attach one to your keys, slip another in your backpack. And just like that, they’re on your radar in the Find My app, where you can also track down your Apple devices and keep up with friends and family."
"iOS 17 lets you share AirTag with up to five people. So items that everyone uses — like
an umbrella, a bike, or the family car keys — can be tracked by friends and family."
"If your AirTag is nearby, your iPhone can lead you straight to it with Precision Finding.* – which shows you the exact distance and direction to head in – thanks to built‑in Ultra Wideband technology."
*Precision Finding is compatible with iPhone 11, iPhone 11 Pro, iPhone 11 Pro Max, iPhone 12, iPhone 12 mini, iPhone 12 Pro, iPhone 12 Pro Max, iPhone 13, iPhone 13 mini, iPhone 13 Pro, iPhone 13 Pro Max, iPhone 14, iPhone 14 Plus, iPhone 14 Pro, iPhone 14 Pro Max, iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max.