Yes. This is a popular method of connecting two working ropes together in the tug ship-assist application; named a “spectacle splice.”
The connection, if using similar or close to equal size Plasma ropes, provides 100% efficiency. If dissimilar sizes are being connected, care must be taken that the difference in size does not result in the smaller rope cutting into the larger rope. In this case we suggest 85% efficiency and usually recommend that one or both of the eyes have chafing gear on it.