Of course it is,
"A MySensor radio network can consist of up to 254 different radio nodes and each radio node can report data for 254 attached child sensors. This means that you can, in theory, manage data for up to 64516 sensors in a single radio network. If this isn't enough, you can create another parallel radio network on a different channel and there are 126 available channels."
The above was an extract from the getting started page.
Thank you for correcting me.