Yes, this can be changed by applying a soft credit to move the donation from the event to the participant's record. 
  1. Navigate to the donors' Constituent360 record
  2. Click the Transactions tab
  3. At the bottom of the page, locate the gift that needs to be moved
  4. Click Change Soft Credit
  5. Select TeamRaiser Participant and click Search
  6. Enter participant name, select the appropriate TeamRaiser Name and click Next
  7. Choose Select when the participant name appears
  8. Click Apply