Is it possible to connect two webpart in SPFx?

 Ans: Yes It is possible to create connected webparts in SPFx

Connecting web part using SPFx Dynamic Data is simple. Here are configuration/implementation steps:

• In sender:
• Implement IDynamicDataCallables interface in a web part with two methods: getPropertyDefinitions and getPropertyValue
• Register a web part as a Data Source in onInit() method using this.context.dynamicDataSourceManager.initializeSource
• Notify subscriber that some of properties have been changed using this.context.dynamicDataSourceManager.notifyPropertyChanged
• In receiver:
• Use this.context.dynamicDataProvider.registerAvailableSourcesChanged and this.context.dynamicDataProvider.getAvailableSources to iterate through available page's data source and select the ones to work with
• Use this.context.dynamicDataProvider.registerPropertyChanged to register event handlers for specific data sources and properties