Yes, that's possible - the setup depends on how those things are set up/calculated.
Equipment can give random status value and attack/defence attribute bonuses, and you can use equipment variables to further customize them. Also, using an Init Game Event also allows you to make changes on the equipment (which can be access via the action selected data key).
Also, equipment can change the available equipment parts on a combatant, e.g. adding slots for further equipment (e.g. skill gems).