Yes – the power supply cord provided with a low voltage luminaire may be provide with individual internal conductors that are less than 18 AWG but no smaller than 24 AWG in size.The outer jacket insulation of the power supply cord must be rated for hard usage (Types SJW, SJTW, SJTOW, etc.) or extra hard usage(Types SOW, STW, STOW, etc.) per UL 62 requirements.
This assumes the luminaire is powered by an isolating low voltage power supply with ungrounded output (a two-conductor power source).The power supply cord can have more than two conductors provided that the insulation color of all individual conductors in the power supply cord are not green in color or green in color with one or more yellow stripes.We want to avoid the use of green color insulation for these low voltage supply conductors and/or luminaire signal conductors since green color insulation usually indicates it is for grounding or earthing connections.
Please also note, the Temperature Test would determine that the conductor size is rated for the amount of current it would carry during normal operation of the luminaire.