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Is this possible in Reason? I know sidechaining usually uses a limiter to work with the bass, but is there anyway to do this the opposite way round, i.e. a high cancelling another one out once it hits a certain point. I essentially want to cancel out the highs off one synth every time the other sweeps by, but it could be used for high hats and so on.

Any advice would be appreciated.

You'd want a dynamic eq with a sidechain input probably, but since you're in Reason you can't use vsts.
If you split your synth in low and high sections with eq, then sidechain the high track it should do the trick.