You can, albeit inefficiently, by installing a VNC server on your phone (e.g. https://market.android.com/details?id=org.onaips.vnc). The downside is that -- today -- this requires rooting your phone.

Here's another option -- http://code.google.com/p/androidscreencast/ -- I'm not sure how it works. It claims to show the display when non-elevated, but require root send input.