Yes. There are two ways it can be done. The "safety pilot" in the right seat can be the PIC of the flight and as such can log the flight as PIC. Since the pilot in the left seat is "sole manipulator" of the flight controls they can log the the time as PIC. Or the pilot in the left seat can be the PIC. Since a "safety pilot" is required while a pilot flys under the hood, the pilot in the right seat can log SIC time for that time while the left seat pilot is under the hood.