Is there an analog of Bash's Ctrl+Z & fg in Powershell?

Yes, sort of - using the psjob commands (requires Powershell 2)

http://richardspowershellblog.wordpress.com/2007/12/03/background-jobs/

Edit: The site has the names wrong. It's 'start-job' instead of 'start-psjob'

See 'help start-job' for the complete (and correct) information.

If you already are running a process and you just want to pause it for a while, I have found out that when I select text in the console, it will pause the running proces until you press enter to copy the selected text.

This is a silly trick of course, but worked for me. I'm just putting it here in case it's useful for someone...