Yes, you can use *HIVAL in /Free. As far as I know, if the operation code is supported in free, then all of its functions are too, and in some cases, even more (for example, the file operations for random record processing such as CHAIN, SETLL, SETGT don’t require a defined key list. You would simply include the list of key fields in the parenthesis for Factor 1. It is things like this that make free format much better than fixed).
In your example, if Rcd01 is the name of a file or record format, then your syntax is correct and should position the file pointer at end-of-file.