Yes, IDENTIFY is a Scrabble word!

Letter values in Scrabble US: I 1, D 2, E 1, N 1, T 1, I 1, F 4, Y 4.

Is it a valid word?

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

recognize as being; establish the identity of someone or something
give the name or identifying characteristics of; refer to by name or some other identifying characteristic property
consider (oneself) as similar to somebody else
conceive of as united or associated
identify as in botany or biology, for example
consider to be equal or the same

Also: key out.