Welcome to the Community - What version of ESXii are you using? I ask this because with version 4.x and later vmware intorduce the concept of a virtual distributed switch. On to you question, at its simplest level yes two esxi hosts can have a virtual port group configured with the same name ane connected to the same physical network so that communication to anything connected to those port would communicate to each but will go over the physical network.
A distirbuted switch is a feature of vcenter that allows a consistant switch configuration spanned across multiple ESXi hosts - but once again 2 VMs connected to the switch on two different hosts will still communicate across the physial record -