REVELTRONICS

Is it possible to share the +5V and GND between two three-wire sensors so that the only dedicated wire for each sensor is the signal wire?

I would like to setup a three wire oil pressure sensor and three wire temperature sensor, but only use a single 4-core cable to do it. The plan being:

A6: Shared +5V
A4: Shared Ground
A8: Oil pressure signal
A9: Oil temperature signal

I made a mistake in my first post (since corrected) where I referred to the digital input pins. I have corrected that to refer to the Adc pins for signal.

Yes you can, but dedicated wires are more immune to noise.
You can also get ground wire anywhere from the car.