You have V10 so yes you can link to objects in a central (or indeed any) model.
Have a look at the PDF for the Linked Objects Tutorial which, hopefully, will have been installed with the Monarch application. Pick it from the Menu - if it's not there you may need to chase around for the installation disk. Not sure if it is available on line.
In summary you have 3 options for re-using models and their component objects.
Copy the model and save anew or copy objects from other model(s) into a new model.
Copy a model and maintain a link to the original model by which you can kick off an update from the 'master' model when you need to. (This is called a 'Weak Link')
Use the master model components (selectively) as the source of the component of the new model such that the component (called an object) always references the master model. (This is known as a 'Strong Link').
Linked Objects functionality provides the means to search existing models for the object you need and also to manage the models and make or break links in existing models as required as time passes and needs change.
Very powerful. It will benefit from some initial planning of the master model to user process structure to make best and most efficient use of it. But it sound like that what you are planning to do already.