Yes! It’s possible!
I am so glad to find out that it is possible to run the Windows Phone 8 emulator in Parallels. I’ll potentially be able to do Windows Phone 8 development via my mac before being able to do it on my corporate-issue Windows 7 machine!
I haven’t tested it yet but it looks promising.
Shouts out to the Parallels development team for making this happen.
KB Parallels: Running Windows 8 Phone emulator in the Windows 8 virtual machine