Yes, you can use masters with a repeater. However, you cannot insert them directly into the data set like you can with regular image files using the Import Image… command from the context menu.
You have to use some kind of conditional logic to change the panel state or hide/show based on a value in the data set.
The attached example uses the value in the “Type” column to set the proper icon in the master. MasterInRepeater.rp (75.4 KB)