Yes (but...)
HTML 5's <video> tag is protocol agnostic—it does not care.  You place the protocol in the src attribute as part of the URL.  E.g.:
<video src="rtp://myserver.com/path/to/stream">
    Your browser does not support the VIDEO tag and/or RTP streams.
</video>
or maybe
<video src="http://myserver.com:1935/path/to/stream/myPlaylist.m3u8">
    Your browser does not support the VIDEO tag and/or RTP streams.
</video>
That said, the implementation of the  <video> tag is browser specific.  Since it is early days for HTML 5, I expect frequently changing support (or lack of support).