Yes there are a lot of ways to optimize a level. It is a complex and long story so hard to type out as just a reply on a forum, but things like the number of dynamic lights hitting the same objects, lightmap/vtx lighting, terrain size and tesselation, and so on all influence it.
I have a tutorial on how to model efficiently for UE3 on my website, and also an older article about mesh rendering in general. Those will help a little, but there is no definite guide online AFAIK.