No.  An IEP diploma shows a student attended high school, but did not meet the requirements for graduation with a traditional diploma.  An IEP diploma alone does not meet requirements for admission to most colleges.  Contact your college admissions office for more information.  

NOTE:  An IEP and IEP diploma do not mean the same thing.  A student with an IEP in high school may graduate with either a traditional high school diploma or an IEP diploma, depending on whether he/she met graduation requirements.  The high school transcript will state what type of diploma the student received.