Would it be possible to have some fields of the referenced node automatically completed?

When I click "Add (content-type)" would it be possible for this node to automatically have some of the same values as the parent node?

For example, I'm trying to use this to setup Events that are connected to Venues. A venue may hold many events so it would be nice to only have to enter information about the venue once.

But when a user wants to add a new Venue using Popups: Add & Reference from within the Events - add form, they will have to enter the "location" of the Venue again. It would be nice if they only had to enter the location on one form.

Know what I mean?