Yes - it is possible to have two parameters and only have one of them populated. Both parameters could be set to ALLOW NULL VALUES.
Unfortunately, there's no way to force the user to select a parameter in this case.
A workaround that might work would be to create THIRD parameter that checks for a value in either of the other two parameters with an available value of 1.
The default value would be based on a query that checks for a value in the two other parameters.
SELECT CASE WHEN @PARAMETER1 IS NULL AND @PARAMETER2 IS NULL THEN 0 ELSE 1 END AS PARAMETER_CHECK
Unfortunately, there's no way to give an error message for the first two parameters based on the third parameter.