No, but egg whites will! That's the classic ingredient -- the meringue powder is for those who find it convenient, that's all.
Start with the egg white and add sugar until you get the appropriate consistency. When you get to just about the point you want, you can make minor adjustments with more sugar or a bit of water or lemon juice.
You'll want to get extra-fine powdered sugar and sift it if you're piping any fine designs, by the way.