Is there a way to create a smart group that contains contacts that have made a contribution with a specific soft credit name? I see that I can run a Soft Credit Report and add contacts to a group but I would like to make that group dynamic. We're using Civi 4.7.17. Thanks.
I believe advanced search will be able to do this for you. (Main menu, Search and then Advanced Search)
Below the basic search fields you should find a collapsed section for Contributions. Expand it and you'll see a pull down for Contributions or Soft Credits. When you select one of the soft credit options, you'll get an additional option to select soft credit type. After you've pressed search, you can create a smart group in the normal manor (click on All XXX records, select New Smart Group from the Actions pull down, give it a name, etc.).