Not entirely, because small particles will not be visible in the filter, even if they do get stuck in it.
Oil analysis detects microscopic stuff (e.g. caused by a lack of lubrication to some bearing).
The filter will pick up pieces of metal which have actually broken off somewhere.
The strainer will pick up large chunks of metal. These could also end up in the oil filter.
You could have a long term bearing problem which never produces anything which a human will see in the filter. One could argue that all the time the bearing doesn’t “explode” you are good to fly, but that would be an interesting (if not unusual) attitude to risk management 
Sure Peter, but I go back to my original remark: are you going to stop flying with just the high spec analysis results ???
Probably not, that is until it is backed-up with junk in the filter …
are you going to stop flying with just the high spec analysis results
If they were high enough I would have the engine rebuilt, yes.
It would be crazy to be making say 500ppm aluminium and fly the plane.
With iron, you could get that with a rusted engine (a hangar queen) but it should progressively improve, while you check periodically for scored cylinders etc.
Peter wrote:
It would be crazy to be making say 500ppm aluminium and fly the plane.
If you had anywhere near 500 ppm al. you would have a filter full of crap to prove it long before the lab results came back …
