Technically, this is possible. Just make sure to use your strings after the parent plugin has loaded its language file.
In terms of maintainability, this is not optimal. Your create a very strond dependency here: each time the parent plugin changes a string (adding a dot, removing a white space), you have to change your strings too.
I would do this only to save a lot of memory (1 MB or more) and when I knew the developer for the parent plugin creates really useful commits. Otherwise, you might miss some changes.
And Marko points out one important aspect: You need a tool for the pot files, that creates these files based on the text domain, or you wouldn’t save much. Codestyling Localization can do that, but it has other issues. I am not aware of a really good solution here.
Related: Can I leave off plugin textdomain for terms used in core?
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