You can certainly use an extended ping with EEM. You don't even have to have it interactive. For example:
ping ip 10.1.1.1 source 11.1.1.1 ...
You would then process the output of this command as you would any other in EEM. I have a library that helps interact with the CLI within an EEM TCL policy at http://www.cisco.com/go/ciscobeyond/ . You may find that helpful.