Yes, extract a function from it and call it something like doTheValuesInTheFooBarDictionaryPassTheRebarTest .
It is much easier to read. Of course, this method will still contain your line above, but the code reader (from here "until the end of time" will have a more pleasant experience when viewing the code.
In short, what are you hoping to achieve? Faster to read? (the brain will need more time to disassemble it!). Faster to dial? (you type this material once and change or read it again and again (and again!)). Generally, longer, more descriptive variables are better, and if you can wrap them with encapsulation, do this too.
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