Yes. It is possible. Samsung provides an API for that. Image filters are included in the S-Pen SDK.
You can download the S-Pen SDK from here: http://developer.samsung.com/s-pen-sdk
Tutorials on using image filters using the S-Pen SDK are available here: http://developer.samsung.com/s-pen-sdk/technical-docs/S-Pen-SDK-2-2-5-Tutorial#h7