Quantizing/smoothing/simplifying recorded automation

[whitelobster]

Is there a way to select a portion of recorded automation and quantize/smooth/simplify it in ableton 9? I'm imagining something like if what I record via midi is similar to a beizer curve then rather than keeping it in a form where the curve is made up of hundreds of points you could select it and have Live automatically re-trace the curve you have recorded into a simpler automation path consisting of fewer points