Can be, I think. Because lyrics can be poetic and poetry can be lyrical. But this cannot happen always. A lyricist should write according to the emotion of the song, following a certain meter and rhythm. These lyrics should merge with the beat of the music of that particular song. A lyricist should follow certain terms and conditions that indicate the character or situations of the song. Conditions regarding the length of the song should also be kept in mind.
A poet is a free bird. A poet can mention anything he wishes and writes at any length. While framing his thoughts into words, a poet enjoys the way his lyrics are born. Just like the pain and happiness a mother goes through during her labor, a poet goes through an intense emotion while penning down his flow perfectly. This flow has no limitations and no conditions apply. Poetry can be anything from a lyrical ballad to an ode or sonnet. It is an expression of over-flowing emotions.
But for a poet to be a lyricist, he should be limited following some restrictions. This can be enjoyable, but not always.