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No, there is no such dedicated tool. You only have the option to measure linear distances between2 points and thats pretty much it. Then again I have never needed an accurate measure tool in max so I might be wrong.
Try "multi distance-meterthis" script - it's useful
www.scriptspot.com/3ds-max/scripts/multi-distance-meteror go to utility panal > measure distance
Tools Menu > Mesure Distance