Unfortunately not. It's a DOS game.

There have been attempts at a remake, of which "Master of Magic - Implode's Multiplayer Edition" is the latest. However, none of them have been completed, and Implode's looks dead or on hiatus.

Implode's: http://mom.pjj.cc/forum/

Can you access the dosbox.conf file in the galaxy installation?
If you can, there are options for scaling the window
It doesn't change the resolution, but you can make it bigger.

Thanks, the dosbox.conf worked.

I really wish someone would update the graphics, fix the bugs, and publish this as a Windows game. I have been waiting a long time for that. I do not think it is going to happen.

Since the game came out back in 1994, the chance of an update or patch to address your needs is 0.0
Sorry.

Is there a was to smoothen the graphics like it's done by console games emulators? They frequently offer functions to display the game in a washed out style similar to CRTs.

Yes, in the dosbox.conf there are different scaler options. I usually run with normal3x, which just triples the size of pixels. Things look blocky, but fundamentally the same as original resolution - just bigger. There are several other options that include smoothing out the jagged edges. I don't personally like them, but they're there. The list is in the comments of your dosbox.conf file.

Old thread but here are my 2cents.
To me editing (note I'm playing the community patch release)

..\MoM\Master of Magic\Master of Magic Community Patch\dosboxMOM.conf

and changing

aspect=true

to

aspect=false

did the trick.