Okay. So what I have come across, is the PS2's main CPU is called the Emotion Engine, based mainly off of the CPU core, MIPS R5900. ARM processors are similar in one piece of a puzzle, as ARM processors are a family of reduced instruction set computing, or RISC. Reason for the PS2 CPU built off of the MIPS R5900 core, is for the same reason ARM cores are built. The MIPS instruction set is a instruction reduced set computing. Makes it a whole heck of a lot easier, as they process commands and run processes under protocols, allowing to run games or programs under less stress, compared to other processors. That breaks down the tree to a corn stock.
Now, the Raspberry Pi 2 core, is a 32-bit ARM Cortex-A7. The PS2 core, is the MIPS R5900 basing off of the MIPS III, which uses 64-bit instruction sets instead of the older versions that use the basic 32-bit instruction sets; although the Emotion Engine CPU is built to process 128-bit instead of 64-bit This forces the Raspberry Pi 2 to begin both the emulation of 128-bit instruction sets, THEN through the emulated architecture can the PS2 hardware be emulated. This concludes to an answer of YES.
It will run slow, which does affect the speed greatly, but this will work. I have just finished compiling the two emulator cores onto my Raspberry Pi 2 cluster computer. Runs pretty well actually, considering I'm using a cluster of 4.
Trust me though, It was difficult for me to compile this onto my Raspberry Pi 2 cluster, as you MUST compile it as binary. I tried without this and I fully corrupted my 250GB HDD. $200 down to the world of binary. I will try to build a better emulation, non-lag version of the emulation cores optimized for the ARM CPU cluster( It isn't really made for the ARM CPU already), that way it will be able to run somewhat 70-100% speed on a single Raspberry Pi 2 CPU.