Technical people create new words all the time. (see example below) But this isn't a case of creating a new word. This is a case of a "derivation". You have take a perfectly good word ("initialize") and added a perflecty good derivative suffix to it ("able"). The resulting word initializable is a derivative word.
In short, if something can be initialized, it is initializeable. Just like it can be runable, or stopable.
Now, I don't think it will be long before a grammar Nazi points out the error of my ways here. But English is rich and expressive language. A word doesn't have to be listed on "dictionary.com" for it to be valid. Nor even on m-w.com (which I believe is a better site).
One of my favorite books is Garner's Modern American Usage. Its a great book and is more than a dictionary - it is a reference and guide on how American English is used.
"Atomic" is a good example of a word we use in software development all the time that is somewhat of a "made up" word. In a development context something that is atomic either happens, or does not happen - it cannot be divided into separate operations. But, the common definition for this word doesn't take this usage into account.
Bah! Here is a better one.... "Grep" Not in the dictionary - but yet, a perfectly good word. I use it all the time