Yes you can do this. You need to install Plymouth according to the instructions in the Arch Wiki:
https://wiki.archlinux.org/index.php/plymouthOnce you have done this and configured the Plymouth theme to show the image you want, you also need to tell the boot process to use the initrd created by mkinitcpio, otherwise Plymouth will not be launched. In my case, I added "initrd=0x00f00000" to the beginning of /boot/cmdline.txt.