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On Earth one can group multiple telescopes to observe a specific region. They can be moved around and focus different areas. Also they give a higher resolution of the area they observe.
Would this be possible for telescopes that are not located on the ground?
Instead of building larger and larger telescopes, building smaller ones and make them work together.
This is already done, especially with radio telescopes. For example, we've had the Very Large Array for a couple of decades, and we now have LOFAR and the VLT.
It certainly would be possible to have an array of telescopes spread across the globe, or even an array of satellite telescopes. LIGO (not for electromagnetic wave detection though) will eventually have a couple of stations on the other sides of the world, and the long term plan is to have a satellite version of LIGO, LISA.
See also: Deep Impact and Keck. Keck is another observatory that uses this technique. Deep Impact was a project where many of the world's telescopes were focussed at a single event.
