At the moment, there isn't a way to specify a root directory for files. This definitely would be a useful feature. There is a partial work around. If you use "Custom View" and add a tree of files with "Add as wildcard" checked, the start path doesn't take up any space. Using wildcards like this has advantages and disadvantages. Wildcard file lists can more easily be updated. static file lists are more reliable if you are using SlickEdit projects to build your source. I like static recursive file lists better because you can get better performance (and I'm a performance nut).
With SlickEdit 2015 (not in beta yet), "Custom View" has been enhanced to support automatically creating a folder for each directory when recursing a static list of files. This essentially makes "Custom View" more powerful than "Directory View" (although Directory View is very convenient). Using the Project tool window (not Project Properties), just create any folder in Custom View. Then use (Add>Tree) to add a recursive list of files starting at a particular path, check "Recursive", and check the new "Create subfolders" check box. This combination gives you some pretty powerful control over your folders and displaying recursive directory trees.