I'm not sure, but you can with FBInk (unless I dreamed about working on that part ;D).
EDIT: Did not dream that one up, yay.
Code:
cat fb.png | fbink -cf -i -
[FBInk] Detected a Kobo Aura H2O (370 => Dahlia @ Mark 5)
[FBInk] Clock tick frequency appears to be 100 Hz
[FBInk] Screen density set to 265 dpi
[FBInk] Variable fb info: 1080x1440, 8bpp @ rotation: 1 (Clockwise, 90°)
[FBInk] Fixed fb info: ID is "mxc_epdc_fb", length of fb mem: 6684672 bytes & line length: 1088 bytes
[FBInk] Canonical rotation: 0 (Upright, 0°)
[FBInk] Enabled Kobo viewport insanity (1080x1440 -> 1080x1429), top-left corner is @ (0, 11)
[FBInk] Fontsize set to 24x24 (IBM base glyph size: 8x8)
[FBInk] Line length: 45 cols, Page size: 59 rows
[FBInk] Horizontal fit is perfect!
[FBInk] Vertical fit isn't perfect, shifting rows down by 7 pixels
[FBInk] Pen colors set to #000000 for the foreground and #FFFFFF for the background
Displaying image '-' @ column 0 + 0px, row 0 + 0px (scaling: 0x0, H align: 0, V align: 0, inverted: N, flattened: N, waveform: AUTO, HW dithering: PASSTHROUGH, SW dithered: N, nightmode: N, skip refresh: N)