Yes. At the same settings, the outputs for most files are identical.
You need to export to Devices/Custom/Advanced Settings.
The default settings for mpeg2-dvd in Elements are slightly different from CC15, but you can adjust them to your liking.
Settings for H.264 Bluray is nearly identical.
Premiere Pro has an option called Use Maximum Render Quality which Elements does not have.
One of the things this option does is give better picture quality when scaling HD to SD.