The short answer is No.
The longer answer is Nearly, it depends.
The full answer is:
The initial image you see is the integrated thumbnail in the raw file, which is created at capture by the camera using its picture settings. This is not the "correct" version of the image (as there is no right or wrong way to convert raw to jpeg, just different ways). It is the version provided by the camera manufacturer using the chosen picture settings. Some may say it's the correct version, some will disagree. I say that, if you have chosen to shoot raw, you must be disagreeing to an extent.
Adobe's default conversion will not look like the camera's conversion. Adobe has its own idea of how your picture should convert, but it sees it only as a starting point. If you'd rather have a different starting point, closer to the camera's version, you can. Adobe provides Camera profiles designed to approximate the different camera picture settings, like Camera Standard, Camera Neutral, Camera Portrait, etc., and you can use those intead. They are nearer, but not exactly. Find them on the Camera Calibration tab in Camera Raw.
You can make these different settings default by opening a new photo in Camera Raw, changing the camera profile, tweaking any basic exposure settings, and then clicking on the little menu icon on the far right, and select Save New Camera Raw Defaults.
But, again, I suggest that you shouldn't be trying to duplicate the jpeg, otherwise why shoot raw in the first place? Just try to get the default how you think it should look.
Thank you for your explanation.
I understand now what's happening with the thumbnails. I almost always process my photos using Camera Raw but it's starting point looks way worse than JPGs my camera produces. Mostly it just saturates images a bit but that was bugging me because I see a nice photo and then I open the RAW version and it looks worse.
I can see that on Camera Calibration tab there are some profiles. for example D2X modes. I assume these profiles for specific cameras can be found online? I'm using D200.
The new camera profiles were added in earnest from Camera Raw version 5, which came with Photoshop CS4. They are supplied with Camera Raw, so if you are using CS4 onwards, they should already be there.
If you are using CS3, you can update to Camera Raw 4.6, which supports camera profiles.
If you are not using CS6, you can install DNG Converter (currently v.7.3) to add the latest camera profiles.
You don't say which version of Camera Raw you are using, nor which camera profile is default. The default profile on a new installation is Adobe Standard. On older installtions it might have been "ACR4.3", or something like that. Some people prefer to start with Camera Standard, which approximates the default camera picture settings, or you can choose one of the alternatives.
I understand now, I found some more info on that - it seems that Adobe Standard is the new standard profile which should make most RAW images similar. I'm using CS6 and Camera Raw is 7.0. I'll update it right away.
I experimented with these profiles and setting the profile to Camera Landscape produces something similar to JPGs from my D200. Thanks for all the info!