Yes. First off head over to spyfu dot com and type in your keyword phrase. now you can see how much advertisers are actually per per click. Next, head over to the Google adwords keywords tool. Check out the volume your keyword gets. Estimate your site getting 50% of this traffic volume if it sits on spot no 1 in the SERPS. Position 2 is said to get roughtly 40% of this traffic. This is what you can calculate your earnings on.
This is my method to predict the earnings from few of my websites (just for US, UK, Australia and Canada visitors): earnings per unique visitor vary about 2cents per UV. Earnings can be 1 cent and increase up to 5 cents per unique visitor (averages, of course). That means if you have 1,000 UV you will get about $20 (maybe $10 maybe 50 dollars). Hope this will help you to calculate better