There is not a 'create component' method. Creating and editing component membership touches too many database tables.
A work around is to create assemblies, by element, through the FEM viewer > Assembly > Create multiple assemblies by specifying input files...
The input files can be comma-separated lists of elements. A unique assembly will be created for each input file selected. When elements that are members of the same component are split into multiple assemblies, new components are created to enforce the rule that components can only live in one assembly. After this process is run you could reassign the new components to the original assemblies using the VBA script.
I hope this is helpful.
-James