"Replace with Precomp" Script

Question

A new addition to AE CC is "Replace With Precomp" which you can access with the context menu in the project panel. Is there a method that was added to After Effects so that we can access this feature via scripting?

Answer 1

Got it to work. Here is my solution if anyone is looking for something similar. Thanks again David.
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var proj = app.project;
var selection = proj.selection;
for (var i = 0; i < selection.length; i++)
                // Get a list of comps that the footage is being used in
                var compsUsedIn = selection[i].usedIn;
                // Creates comp based on selected footage settings
                var newComp = proj.items.addComp(selection[i].name, selection[i].width, selection[i].height, selection[i].pixelAspect, selection[i].duration, selection[i].frameRate);
                // Add footage to the new comp
      newComp.layers.add(selection[i]);
                // Loops through the used comps
                for (var x = 0; x < compsUsedIn.length; x++)
                               var layersInComp = compsUsedIn[x].numLayers;
               // Loop through the layers in each used comp
                              for (var y = 1; y <= layersInComp; y++)
                                             // Replaces matching instances with the new comp
                                             if (compsUsedIn[x].layer(y).source == selection[i]) {
                                                       compsUsedIn[x].layer(y).replaceSource(newComp, true);