Yes, a racket can decrease the likelihood of TE. However, there isn't a one-fits-all frame that can do it. Each person's swing speed and technique are very unique.
As others have eluded to, there is an amount of shock when racket meets ball. Dampeners and cortex technology don't alleviate shock...they simply lessen the sensation of vibration.
The only formula I have found for finding a racket that is "arm friendly" is trial and error. Some folks need a very heavy and very stiff frame. The other extreme is folks that prefer very light and flexible frames. The goal should be to find (by trial and error) the heaviest and stiffest frame that you can play with. Problem is that what I consider heavy, the next guy thinks is light.