It's possible. Echolocation is still dependent on the position and placement of the sound transmission organ and the listening organs, and as such if you stand somewhere the sound waves can't bounce off you and go back to the listening organ of the echolocating creature, the creature can't "see" you. If I remember that scene correctly, Riddick does move from side to side to keep himself directly in front of the creature. If he had remained absolutely still, one of the creature's ears would have shifted (when its head moved) to a point where the sound waves from the creature would have bounced off Riddick and revealed his presence. Now the strategy has flaws if you introduce additional variables. For example, it worked well for Riddick because Riddick and the creature were standing outside. Walls would have permitted soundwaves to bounce off the wall and provide a new angle for the creature to "see" Riddick. The same is true of sight to some extent: I can't see a feather hanging off my numbed nose (such as from recent nose surgery using a local anesthetic), but a shadow on the wall would show me the feather on my nose. It would still take a couple of tries to grab the feather, but I would know it was there. Another problem would have been the arrival of additional creatures to the left and to the right of Riddick and the original creature, far enough away to not pose a direct threat to Riddick themselves. Their soundwaves would have shot across the area in front of Riddick, spread across him, and provided scattergrams to the original creature with the indication that something might be standing in front of the original creature (and thus a tenative disemboweling swipe would be in order). Again, this is similar to the "feather on nose" example: a blurry shadow, but enough to let me know something is there.