What version of Premiere Elements are you using and on what computer operating system is it running?
What model Panasonic camera are you using to record your AVCHD format? And what are the properties of this AVCHD format file....audio compression, frame size, frame rate, file extension, interlaced or progressive, pixel aspect ratio, duration?
As a generalization, I would speculate Yes to your question. But, the Yes needs to be qualified by details of your particular situation as eluded to above.
But, remember that your output will be Dolby Digital Stereo (not 5.1 Channel if the AVCHD file imported has 5.1 channel audio.
And, the frame rate will be 29.97 interlaced frames per second (NTSC) or 25 interlaced frames per second (PAL). The display will be 1920 x 1080.
And, stop markers placed on the Timeline do not function in the play back of the Blu-ray disc format on Blu-ray disc produced by Premiere Elements.
Please review and then do not hesitate to ask if you need clarification on anything written.