You could. Just take the monorail from MK to the TTC, then get on the EPCOT monorail from there. Catch the bus to ASM in front of EPCOT.
Or you could save yourself 45 minutes and get on the bus to ASM in front of MK. But if you're not in a time crunch, then you could certainly do the above.
Technically, you ride the monorail from the TTC to EPCOT. The monorail station at EPCOT is outside the gate so you exit the monorail and then you walk over to the bus area.
So, yes, you can ride the monorail from the Magic Kingdom area to EPCOT and then catch a bus back to the All Stars.
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