Yes, provided your VPS's SSL library supports server name indication (SNI), which all modern libraries do, there is no longer a need for a dedicated IP for each certificate. In the "old days" all of the request headers that identified the requested host name were encrypted, so having the connection come in on a dedicated IP was the only way to connect the request with the proper virtual host on the server and properly decrypt it. SNI allows the host name to be sent unencrypted, enabling the server to properly match the virtual host without needing to be able to decrypt the request first.
SNI has been around for a while, but adoption was somewhat slow on some client platforms, so it was difficult to rely on SNI until recently. Specifically, IE (any version) on Windows XP did not support it, nor did Android versions before Honeycomb or ICS.