Yes, yay is in the scrabble dictionary

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Yay Definition

interjection

Used as an exclamation of pleasure, approval, elation, or victory.
from The American Heritage Dictionary of the English Language, 4th Edition
Expressing triumph, approval, or encouragement:.
from Free Scrabble Dictionary

adverb

(with adjectives of measure) to this extent; so:.
from Free Scrabble Dictionary

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yay

9

2 letter words with YAY

Points

ay

5

ya

5

3 letter words with YAY

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yay

9

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