Yes, although undocumented, the CREATE DOCUMENT command does works with a valid UNC path provided that you have sufficient privileges to create a document at the path given.
However, you have an issue with your sample code. Your issue comes down to your usage of the backslash \ character. 
The backslash \ character is used for escape sequences in 4D and is therefore used for escaping many other characters, so it must also be escaped itself. Simply doubling all of your backslashes in your sample code from \ to \\ should correct the issue.
Your sample code:
vIP:="\\100.100.100.100" // this is a hypothetical IP
vPath:=vIP+"\storage\"
vDoc:=Create document(vPath+"notes.txt")
If(OK=1)
    SEND PACKET(vDoc;"Hello World")
    CLOSE DOCUMENT(vDoc)
End if
Should be written like this:
vIP:="\\\\100.100.100.100" // this is a hypothetical IP
vPath:=vIP+"\\storage\\"
vDoc:=Create document(vPath+"notes.txt")
If(OK=1)
    SEND PACKET(vDoc;"Hello World")
    CLOSE DOCUMENT(vDoc)    
End if
Your code could be further improved by using Test Path Name to confirm the path is valid, and that the file does not exist. Then if it does exist you could even use Open Document and Set Document Position to append to the document, like this:
vIP:="\\\\100.100.100.100"
vPath:=vIP+"\\storage\\"
vDocPath:=vPath+"notes.txt"
If (Test path name(vPath)=Is a folder)
  // is a valid path
  If (Not(Test path name(vDocPath)=Is a document))
    // document does not exist
    vDoc:=Create document(vDocPath)
    If (OK=1)
      SEND PACKET(vDoc;"Hello World")
      CLOSE DOCUMENT(vDoc)
    End if 
  Else 
    // file already exists at location!
    vDoc:=Open document(vDocPath)
    If (OK=1)
      SET DOCUMENT POSITION(vDoc;0;2)  // position 0 bytes from EOF
      SEND PACKET(vDoc;"\rHello Again World") // new line prior to Hello
      CLOSE DOCUMENT(vDoc)
    End if 
  End if 
Else 
  // path is not valid!
  ALERT(vPath+" is invalid")
End if