As long as they utilize a form of public key cryptography, I think the answer is yes. My understanding is that BIP32 was meant to be a standard for Bitcoin, but not the only possible implementation of a hierarchy structure for deterministic key pair generation. The examples given in the standard are, however, specific to elliptic curve used by Bitcoin:
we will assume the public key cryptography used in Bitcoin, namely
elliptic curve cryptography using the field and curve parameters
defined by secp256k1
This means that it would work for other types of public key cryptography, though you may have to tweak the generation functions for different size keys (other than 32 bit private keys and 33 bit compressed public keys). Of course the security of the arbitrary scheme depends on the design, but that wasn't what this question was asking.