Yes, DISPLACEMENT is a Scrabble word!

Letter values in Scrabble US: D 2, I 1, S 1, P 3, L 1, A 1, C 3, E 1, M 3, E 1, N 1, T 1.

Is it a valid word?

DISPLACEMENT is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

act of taking the place of another especially using underhanded tactics
an event in which something is displaced without rotation
the act of uniform movement
(chemistry) a reaction in which an elementary substance displaces and sets free a constituent element from a compound
(psychiatry) a defense mechanism that transfers affect or reaction from the original object to some more acceptable one
to move something from its natural environment
act of removing from office or employment

Also: displacement reaction.