Short answer : Yes.
Long answer: Yes, but if the existing file system have any errors, those errors will be present on the new hdd. Also when using imaging tools, you should use a hdd with same capacity as the old one. I guess the more advanced tools are capable to fit (grow) the partition to consume the whole disk. I know that at least Clonezilla have such feature when imaging disk to disk.
Because of this limiatations and probable source of errors upon restore partitions, I'd rather just copying the files between the old hdd to the new hdd. That way you can format a clean file system to begin with, and thus reducing the risk of introduce errors or cluttered file systems into your new hard drive.