No. They are in encrypted format.
If you are shut out from a panel without knowing the passwords, you have to download again. The panel will then have the users and passwords as setup in the project.
There will be one administrator for which the password cannot be changed on the panel (so there is at least one person who wont be shut out). If you have forgotten THAT password as well, then you will have to set the passwords in the project and download again.