Is it possible to either run or get the same functionality provided by document.elementFromPoint using a Selenium webdriver?

You have to use JavaScript for that:

element = driver.execute_script("""
return document.elementFromPoint(arguments[0], arguments[1]);
""", x, y)

This assumes that x and y are set to integer values. The arguments you pass to execute_script after the first argument become arguments[0], arguments[1], etc. on the JavaScript side. (This is just the good old arguments object. Selenium wraps the JavaScript code you give to execute_script in a function.) The element will either be an instance of WebElement or None if nothing could be found. According to the MDN page on this function a None value will happen if:

If the specified point is outside the visible bounds of the document or either coordinate is negative, the result is null.

JavaScript null becomes None in Python.