Yes, but you don't use the assembly's name, you use its session id. See this help page for details:
http://support.ptc.com/help/creo/creo_pma/usascii/#page/fundamentals%2Ffundamentals%2Ffund_seven_sub%2FTo_Specify_a_Parameter_in_Another_Model.html%23
You can "push" the assembly parameter down to the model or you can "pull" it from the assembly into the model. I would suggest pushing from the assembly since the assembly may not be in session if just the model is opened and this can lead to failed relation statements
Example
Assembly Session ID: 0
Model Session ID: 1
"Push" from Assembly
MODEL_PARAM:1 = ASM_PARAM
"Pull" from Model
MODEL_PARAM = ASM_PARAM:0
It's fine to use the same parameter name in both places (like you have). When no session ID is used, the local parameter is automatically referenced. So your final relation will look something like this in the assembly relations (with a different session ID of course):
PROJECT_NAME:1 = PROJECT_NAME