Yes, this can be done by configuring a serial bridge.
On one unit (initiator), configure the following serial settings (example shows port 1):
Enable/Disable this port : Enable
RealPort support : Disable
Host mode : Terminal server
Port title :
Destination IP : (IP_of_other_Passport_unit)
Destination port (0-65535) : 7001
Protocol : Telnet
Serial port parameters : (Must match on both units)
On the other unit (receiver):
Enable/Disable this port : Enable
RealPort support : Disable
Host mode : Console server
Listening TCP port (1024-65535) : 7001
Protocol : Telnet
Automatic detection : Off
Port title :
Serial port parameters : (Must match on both units)