Yes, it is possible to use a voucher received as a refund to purchase tickets for an event of the same organizer and the Ticket Protection Policy associated to it.
The payment through voucher will cover the face value plus the presale fee of the tickets, while the commission fee, the Ticket Protection Policy cost and the shipping cost (only if you chose this method of delivery) will be paid with another payment method among the ones available on Ticketmaster.it.