It is possible using working sets.
see http://wiki.eclipse.org/Mylyn/User_Guide#Working_Set_Integration
Create a working set that contains only non-parent projects, then go to the package explorer and use the small triangle from the package explorer toolbar to open the working set menu.
Choose 'Top-level Elements-Working Sets'. That gives you a package explorer with two folders: 'Other projects' and your working set containing the projects that are no parent projects.
From the context menu of your working set, choose 'Go Into'