Hi Sreeram,
I think there is no such UI5 control, but this would be possible.
You can see the working example at http://jsbin.com/UDUFUDe/23/edit where I have a tagcloud inside a UI5 Panel. May be you can create your control based on d3 Tagcloud.
Disable chrome web security in your browser to see it in action as it as it is accessing a javacript lib from http://www.jasondavies.com/wordcloud/d3.layout.cloud.js.
The output would look like....
For more customizing options you can refer to d3 Tagcloud example at Word Cloud Generator
Regards,
Atanu