Is PKCS#5 deterministic if both sides use an agreed salt and iteration count In a system were both sides have access to a common secret, and
publicly exchange an iteration count and salt, can a PKCS#5 (Password-based Encryption Standard) algorithm
be used to generate a key suitable for use as a session
key to support AES encryption of a small stream
(&lt;1Mb) of data?

My question is: can both sides run the algorithm--given the "common secret", publicly available salt, and iteration count--and then generate the same key?

The intention is that a new session key would be generated
via this process for each new connection.
Yes. PBKDF2, defined in PKCS#5, is deterministic; you can check its description.