You can, but depending on what kind of device this is, it's wise to factor in some headroom.
CPU
For locked CPUs, no headroom necessary.
For overclockable CPUs, give it 10% over the rated TDP.
GPU
Give it 30% over the rated TDP
Most other parts
No headroom necessary
Overall, it's just easier to use a power draw calculator for your whole system. It becomes a little annoying (a lot of small numbers to add up) when you start factoring in hard disks, SSDs, usb devices, and other peripherals. You also need to factor in that a machine tends to draw slightly over TDP in the first second after you hit the power button.
Try the calculator at:
http://outervision.com/power-supply-calculator
Just put in the parts you've selected and it'll spit out a recommendation for PSU wattage.