When referring to fractions, yes.
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It is: 0.00254 = 127/50000 as a fraction in its lowest terms
You look for common factors, and divide both numerator and denominator by the same factor. For example, 9/12 has the common factor 3, if you divide numerator and denominator by 3, you get 3/4.
27.25 percent is the same as 0.2725, which is also the same as 2725/10000. Reduced to lowest terms, that is 109/400.
45% is also the same as 45:100 which would reduce down to 9:20 in it's simplest form.
0.02 is the same as 2/100 which is simplified to 1/50