Yes it is.
I took me a while to figure out and the pipeline is not as smooth as in Mari but since maya and mudbox works almost seamsless is worth using it eventough it has a little tricks to make it work.
You can create a camera placement in Maya and use a Environemnt image to match you Geo as if you were creating the camera to preject in Mari, after that you can send that camera to mudbox, select the camera inside mudbox in your outliner and see through it, open the + icon right next ot he camera, go to stencil, load your source image for the camera projection and than go to you Paint tools "Projection" and use a big brush to do the paint, it doesn;t ahve a buttom that proejct directly from the camera as Mari does but we can hope they add that in the furute, would be PERFECT!
obs: make sure you model has enough subdvision to do the paint or mudbox will not paint you GEO, for some reason it always paint from the vercites of you mesh in, so if you dont have any vertice in frame in you camera view (though the projection) it wont paint.
hope that works =]
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