That actually depends on another factor. The kinetic energy of a .357 magnum may be in excess of 500ftlbs at 25 yards (or whatever distance), but the 500PSI and 1000PSI are measurements of pressure, not kinetic energy. And more accurately, is the pressure of the wave created by the temporary cavity.
This is based on not just the KE of the projectile, but on how quickly it imparts that energy into the medium (and also the density of the medium). They do have a chart which has 6 lines on it. 3 for frangmentary projectile, and 3 for non-fragmentary projectiles. With penetration depths of 10", 12", and 14". The farther the projectile penetrates, the slow it loses its energy to the medium, and the lower the value of the resulting pressure wave.
I believe that chart is in the Ballistic Wave Theory of Handgun Bullet Incapacitation. So you would also need to know how deep the bullet penetrates (presumable ballistic gelatin was their test medium there) to be able to find the pressure value in PSI on the graph.
But the short answer to your question is, yes. Given the information they have presented, if you had a rapidly expanding .357 magnum projectile that had the required KE, the numbers can line up and you can potentially hit that 500PSI. At which point they claim the effect described takes place.
The actual medium the temporary cavity is created in would matter also. Lung tissue (as mention by
@CapnMac earlier) as an example, would likely diffuse some of that pressure wave because it is not primarily liquid and has a high air content (air being far more compressible than water).
But the gist of what they are hypothesizing is that 500ftlbs or more of KE in a projectile that will stop within (I think they said..) 12", can create enough of a pressure wave to create incapacitation.
It's obviously not simple or straight forward, which is why there's a debate about it. There are also a great number of variables, many presented by the human body. But they're claiming it's possible, and I at least believe based on the information I've read that it is
possible. But I'm not hanging my hat on it. It might just be a nice potential bonus to cartridges with higher KE.