You mean encode to an address? It is already decoded. No. It can sometimes be encoded to a set of addresses.
Take the output of this txn for example:
https://blockchain.info/tx/14237b92d26850730ffab1bfb138121e487ddde444734ef195eb7928102bc93952410496ec45f878b62c46c4be8e336dff7cc58df9b502178cc240eb3d31b1266f69f5767071aa3 e017d1b82a0bb28dab5e27d4d8e9725b3e68ed5f8a2d45c730621e34104cc71eb30d653c0c31639 90c47b976f3fb3f37cccdcbedb169a1dfef58bbfbfaff7d8a473e7e2e6d317b87bafe8bde97e3cf 8f065dec022b51d11fcdd0d348ac4410461cbdcc5409fb4b4d42b51d33381354d80e550078cb532 a34bfa2fcfdeb7d76519aecc62770f5b0e4ef8551946d8a540911abe3e7854a26f39f58b25c1534 2af53ae
If you decode this into opcodes it looks a little like this
<OP_2> <PubKey1:0496ec45f878b62c46c4be8e336dff7cc58df9b502178cc240eb3d31b1266f69f5767071aa3e017 d1b82a0bb28dab5e27d4d8e9725b3e68ed5f8a2d45c730621e3> <PubKey2:04cc71eb30d653c0c3163990c47b976f3fb3f37cccdcbedb169a1dfef58bbfbfaff7d8a473e7e2e 6d317b87bafe8bde97e3cf8f065dec022b51d11fcdd0d348ac4> <PubKey3:0461cbdcc5409fb4b4d42b51d33381354d80e550078cb532a34bfa2fcfdeb7d76519aecc62770f5 b0e4ef8551946d8a540911abe3e7854a26f39f58b25c15342af> <OP_3> <OP_CHECKMULTISIG>
This is a standard 2-of-3 multisig output. If you take the HASH-160 of each of the PubKeys and then Base58 Encode each of them you get:
1EJs4UCxotGu8QYf5wUjCvmATzCpctUTmF
1AJbsFZ64EpEfS5UAjAfcUG8pH8Jn3rn1F
1A8JiWcwvpY7tAopUkSnGuEYHmzGYfZPiq
I assume you are asking about addresses for the purposes of displaying it in a human readable form.
2 of 1EJs4UCxotGu8QYf5wUjCvmATzCpctUTmF, 1AJbsFZ64EpEfS5UAjAfcUG8pH8Jn3rn1F, & 1A8JiWcwvpY7tAopUkSnGuEYHmzGYfZPiq
You could represent the outputs in a format like the one above (and if you could store them in a far more compact format) but native-multisig (not to be confused w/ P2SH) can't encode to a single address. They funds were never "sent" to a single address. Native-multisig is limited to 3-of-3 so there are only six combinations (yes 1-of-1 is a valid "multisig" output).
To make it a little more fun, there are "custom" scripts which don't conform to the templates for Pay2PubKeyHash, Pay2PubKey, OP_RETURN, or Native-Multisig outputs but they represent <0.1% of the blockchain. You might find this article useful.
http://www.quantabytes.com/articles/a-survey-of-bitcoin-transaction-types