It's likely possible, it's a formula after all, but it's an intensive computation and the sampling needs to be timed (which on a platform like Rockwell can be tricky).
My biggest concern however wouldn't be so much the calculation and practical aspects of the implementation but more along the lines of proving the implementation. Bad data is worse than no data.
The stuff that exists today to look into this isn't particularly expensive (unless you go with Rockwell's offering) and can provide a lot of data to be analysed. I use sensonics where I work, but there's more around.