Several people have tried this, myself and MattB90 included and we all get the same result, corrupt data when transferred back to the PS2 memory card. However, a user of the SharkPort software claims that he has successfully restored PSOne saves. Upon trying to repeat his success I yet again got corrupt data on my card and nothing more. Whever his success was down to using the latest PS2 software (unknown, I’m not sure what version he was using), pure luck or indeed being less than truthful has yet to be seen, but I can only go on what I have experienced myself, so the answer is no.
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Xport / Sharkport FAQ