I would say yes if I have understood your question correctly.
There is "Dev Tools" available in Android emulator. You just need to create emulator in Eclipse. Then you need to fetch/install this application from emulator to your connected device. After that you install your test project in your device. Then you will be able to run that test project independent of your PC by selecting it from Instrumentation menu option of Dev Tools.
Following are the commands (you can change paths accordingly):
To copy from a running emulator to connected device, execute:
adb -e pull /system/app/Development.apk ./Development.apk
To copies the .apk file into the current directory. Then install it on your connected device with:
adb -d install Development.apk
Hope this was your problem and required solution.