We have a number of old students who are parents. One particular old student has a nine year old daughter who is becoming interested in meditation. I gave him the idea about taking on a Parami per week, which was actually told to me by another old student. He took on this practice of taking on a Parami for a week of a sequence of ten weeks. His daughter became quite interested and wanted to do it, too. So, yes, it's possible to raise a child in the Dhamma.
However don't get too many expectations that you'll have total influence on your children, because they're going to have other influences and they also have their own Kamma. So we can do our best to try to guide them in the Dhamma, but after that they're the owners of their own Kamma.