It is possible for two or more people to have a psychic bond, but rarely does it manifest in a way where people can communicate freely and as easily as face to face talking is. Let's take a moment to look at the probability of why.
Subtle energy, be it psychic, magical, or divine, is not something that can be comprehended by our conscious minds alone, and so we interpret it in a manner that we can understand it (in linear, analytical methods). Taking a step further, our "conscious mind" where our cognitive processes are mainly dwelling, is known as the Beta Brainwave State. This is a high level of herz (HZ) that allows for deduction and high concentration. Lower the HZ, and you have our other main brainwave states, from Alpha, to Theta, and then to Delta.
Continuing off of that thought, a lower HZ frequency, better known as an altered state of consciousness (which we cycle though everyday), will aid us in understanding concepts in a nonlinear and nonanalytical fashion. In the Alpha brainwave state, we have creativity, relaxation, and basic psychic activity (please note that this one is not backed by scientists). In the Theta and Delta brainwave states, we have deeper trance and dream work.
Because the subconscious, which is bridged to by trance and dreams (and thus, Theta and Delta brainwave states), can understand abstract constructs, concepts, and ideas, it goes to say that altered states of consciousness (ASC) can better understand nonphysical energies.
Now take into account our daily thoughts and mental voices. They are products of conscious mind and it would be harder to convey conscious thoughts to another person's conscious mind, even if your subtle body (or bodies) is (or are) linked.
Think of it like this; our conscious thoughts eventually get embedded to our subconscious, which in turn manifests our subtle energy better. This manifested energy then gets interpreted by another entity, say, a human, who then has to interpret said energy with their subconscious and then interpret it again so that their conscious minds can understand it.
This is why telepathy, when thought of in a legitimate manner, is not the same as people would expect. Some more likely possibilities are things like synchronicity (paralleled events - in this case, thoughts - that happen at the same time), reading another person's energy, picking up on emotions, or examining another person's psychology with psychic aid, etc.
At the end of the day, you really have to ask yourself. Why hang on to the word telepathy when it is stigmatized and there are other, more easily conveyed concepts to address what you are looking for?