Hi Srini,
As per release notes it should.
Cisco WAAS Express Interoperability
Consider the following guideline when using Cisco WAAS Express devices in your Cisco WAAS network:
•When using a Cisco WAAS device running version 5.x and a Cisco WAAS Express peer device running Cisco IOS Release 15.2(2)T or earlier, connections originating from the Cisco WAAS device and sent to the Cisco WAAS Express peer are passed through instead of being optimized. We recommend upgrading to Cisco WAAS Express in Cisco IOS Release 15.2(3)T or later to take advantage of the latest enhancements
http://www.cisco.com/en/US/docs/app_ntwk_services/waas/waas/v533/ws533xrn.html#wp150827
Regards,
Kanwal