Its entirely possible. Here's a simple script showing how.

using UnityEngine;
using System.Collections;
using System.Collections.Generic;
using UnityEngine.UI;

public class PopulateSprites : MonoBehaviour {

public List<Sprite> Sprites = new List<Sprite>();
public GameObject ParentPanel;

// Use this for initialization
void Start () {
    foreach (Sprite currentSprite in Sprites)
    {
        GameObject NewObj = new GameObject();
        Image NewImage = NewObj.AddComponent<Image>();
        NewImage.sprite = currentSprite;
        NewObj.GetComponent<RectTransform>().SetParent(ParentPanel.transform);
        NewObj.SetActive(true);
    }
}

}

Its entirely possible. Here's a simple script showing how.

using UnityEngine;
using System.Collections;
using System.Collections.Generic;
using UnityEngine.UI;

public class PopulateSprites : MonoBehaviour {

public List<Sprite> Sprites = new List<Sprite>(); //List of Sprites added from the Editor to be created as GameObjects at runtime
public GameObject ParentPanel; //Parent Panel you want the new Images to be children of

// Use this for initialization
void Start () {
    foreach (Sprite currentSprite in Sprites)
    {
        GameObject NewObj = new GameObject(); //Create the GameObject
        Image NewImage = NewObj.AddComponent<Image>(); //Add the Image Component script
        NewImage.sprite = currentSprite; //Set the Sprite of the Image Component on the new GameObject
        NewObj.GetComponent<RectTransform>().SetParent(ParentPanel.transform); //Assign the newly created Image GameObject as a Child of the Parent Panel.
        NewObj.SetActive(true); //Activate the GameObject
    }
}

}

Unity Reference for AddComponent: AddComponent