Yes, the yellow jacket traps they sell at Walmart work to some effect. But I found something much better.
First off, the wasps are actually doing us a service when they are not bothering us, because they eat flying insects like flies, and mosquitoes, and gnats. So if we could just keep them away from the house, that would be better.
So, I made little shelters and hung them in the trees, far from the house. The wasps nest in these now, and there is only enough flying insects to support a limited wast population. So once you have enough of these nest established away from your house, you will rarely see them trying to build near your house.
Note: Wasps want a fixed location, they don't want to be swinging in the breeze. So screw or nail the shelters directly to the trunk or a branch.
If you are really overpopulated with them, there may be an unwanted food source nearby, like open garbage. You could try and observe their movements. But if it's being caused by something one of your neighbors is doing, then it might not be easy to fix.