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Provided your iPhone has teathering / personal hotspot available then yes you can pair them and use your phone as the pad's data connection.
One weird quirk is that the ipad WON'T connect to your phone by WIFI, you'll have to pair them together using bluetooth but it's very simple to do (turn on bluetooth on both devices then on your ipad go to bluetooth and click the name of your phone in the list of devices it "finds" - voila it'll pair up) just be wary how much data you're using as "all you can eat" data plans usually have surprisingly low cap's and your ipad will consume "normal" internet levels of data not the cut-down iphone data many sites will automatically stream to apps used on your iphone
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