Hi Anand,
Yes it is, but you have to move them into the target data first, in the Query or in an Enrichment by adding a column.
So if you have defined an event variable :
vars.greeting = "Hello!"
You can add a column to the temp worktable in an Enrichment (or Query) like this:
You can use the Insert menu (Target extension > Other) in the Delivery editor to generate the correct syntax:
<%= targetData.greeting %>
Note that you are adding this value to every Recipient in the target. You could use logic in the Expression or branches in the workflow to give some Recipients a different value than others.