It is possible but most people just choose one method of learning. This is a difference between recognition and production. If you make repetitions only in memory and then check the answers then a memory palace works better. But if you use the learned knowledge only to do tests with given answers or solve problems with example solutions (so you only need to recognise something you have learned) you can choose flashcards. Our brains are good at recognition induced by some stimulus. Due to that people often think that they know something even if they can't use this knowledge actively. You will learn how to do it after a while, but memory palaces give you this opportunity much faster.
I also recommend checking these topics:http://mt.artofmemory.com/forums/flash-card-or-memory-palacehttp://mt.artofmemory.com/forums/adding-memory-palace-or-journey-locatio...
I knew very few good students who used flashcards. most of the best students I have known have tried flashcards and stopped using them. MAKING the flashcards is helpful -- but, it has more to do with the writing of them. I very much agree with the stimulus point gamebitt made. that is one reason making memory palaces is so effective -- it is stimulating including stimulating the visual and creative parts of our brains. it also stimulates our pleasure centers when we come up with great imagery and are rewarded by having stored the stuff in our heads so solidly.
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