yeah! there is process to draw Image from graphics but to accomplish this task you should already have an Image. if you don't have then you can create one and draw to that one.
Image bmp = new Bitmap(width, height);
using (Graphics g = Graphics.FromImage(bmp)) {
}
bmp.Save(filename);
Reference Link :-
Convert Graphics in to Image[
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and for getting better details have a look there
MSDN-[Graphics.FromImage Method][
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