SQL Table Foreign Key that is part of a Composite Primary Key

No.

When you create a foreign key, the key that you "point to" in the other table must be a UNIQUE or PRIMARY KEY constraint. You cannot establish a foreign key that points to a column that allow duplicate values. It would be very hard to imagine how the data should "act" if you update one of the duplicate values in the other table (for instance).

To do what you want you must establish a Projects table in which ProjectID is UNIQUE or a PRIMARY KEY and then point foreign keys in both the other tables to that table.

Parenthetically, you use the term "Primary Keys" to describe the columns in each table that make up the primary key. In fact, each table can have one and only one primary key. That key can be composed of one or more columns, but the key itself is still referred to in the singular. This is an important difference when using the primary key to optimize searches.