The short and good answer is YES, but comes with price. You will not be able to use Windows XP Mode if you still want to use Virtual PC on a hardware that doesn’t have virtualization natively supported in the processor.
In order to do so, you will have to downgrade your Virtual PC version to 2007, which is the last version that doesn’t have this hardware limitation.
First of all, check your PC to see if it’s Windows XP Mode ready.
If unfortunately, your hardware is not supported but you already have the Virtual PC version that is newer than 2007, you will have to remove them manually first before moving forward. To do so,
First, open Programs and Features from Control Panel, and click Turn Windows features on or off.
And, from Windows Features window, uncheck the option Windows Virtual PC from the list, which is pretty near at the bottom.
And clicking OK to finish uninstalling, which basically will remove the whole Windows XP Mode from your Windows 7 computer.
Once you have the newer XP mode removed, head over to this link to download Virtual PC 2007.
You will then be able to run it again on your hardware that doesn’t have AMD-V or Virtualization supported.