Yes, it is possible to view historical passwords on an account.
From the Administration Guide:
3. In the Password Archive dialog, select a date.
Only the Asset Administrator can access a previous password for an account for a specific date. The Activity Center will show events of type "Asset Password History Released".
The Password Archive dialog only displays previously assigned passwords for the selected asset based on the date specified. This dialog does not display the current password for the asset.
Enhancement Request # 806249/188732 was submitted to consider adding the permission to view past passwords to other user roles.