It seems you're able to "teleport" within the game in a manner of speaking.
Try the following:
All you need to do is set a nav point right next to the hostile ships (assuming you're a long way away from them - multple 100's km), then run "Auto".
This will run the game in simulation mode (I think) - except that the only thing that seems to move is your own squadron (assuming you've set the other ships in your group to escort you they'll follow) - and you are now in the middle of the action and not a shot has been fired in the intervening minutes. Odd but it works.
You can use this to quickly get around "hot" combat zones where there are mutliple squadrons of enemy capships and you're too far away to participate in the combat before everything is dead. Thus more killing on your part.
I suppose you can use this to "retreat" too, just you couldn't be close to any enemy ships because "auto" doesn't work then.