It is certainly possible for two parties to request protective orders against one another. If the court finds that there is a legally valid basis for two requests, the court may grant protective orders to both parties. This means that no contact orders would be put in place for both parties.
Generally speaking, one party seeks a protective order against another party, however, there is nothing that precludes the respondent from seeking a protective order against the petitioner. If the court finds that there is a basis for the protective order to be awarded both ways, then the court can grant orders against each party.