Well... sort of. The problem is, buying a VFD that is only going to give 5% V-THD is all but impossible, unless you are willing to buy Active Front End VFDs for everything, and that would be really expensive.
CURRENT distortion is what causes voltage distortion. Voltage distortion is what the utility is concerned with, because it migrates back through their lines and transformers to their other customers, and IEEE519 applies to THEM too in that they cannot DELIVER more than 5% V-THD to their customers, yet they are not the ones creating it; other connected customers are.
So technically, if you cannot measure in advance, there are harmonic "estimators" out there that can do a decent job of looking at ALL of the contributing factors and giving you an idea of whether or not you will meet IEEE-519. Most of the people that sell harmonic filters have on-line calculators, some of the larger VFD mfrs have them available as well. But for that to work, you need a lot of details, such as size and impedance of any transformers, size and length of conductors, all of the loads, linear and non-linear and most importantly, the Available Fault Current at the utility line connection. If you calculate everything based on "infinite bus", you get some bad numbers that you may not like.
The quick and dirty thing to do: add up all of your non-linear loads (VFDs, UPS, Servos, large power supplies, HID lighting etc.), assume 35% I-THD, and buy an Active Harmonic Filter to install at the PCC (Point of Common Coupling) big enough to cover that I-THD current value. So for example if you have 1000A of non-linear load, that means 350A of harmonic current, so buy an AHF capable of at least 350A corrective current. It may end up as a bit of overkill, but it avoids the nasty surprises later.