Yes, it's definitely possible (though somewhat fiddly) and we've done so on our site. I probably don't know Drupal well enough to pre-empt any howto questions, but I had a question about it (now resolved) that I posted a screenshot of the View configuration to, so you might find those helpful.
If you have any specific questions on our implementation, drop them in the comments and I'll update this answer with more detail.
I should disclaim that our site uses UR in a Twitter paradigm, so relationships are unidirectional but may be reciprocated: Alice can follow Bob but that neither implies that Bob follows Alice nor prevents Bob from doing so.