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The phrase "are principals" is correct and usable in written English.
It can be used in contexts where you are identifying or describing individuals in leadership roles, particularly in educational settings.
Example: "The individuals in charge of the schools are principals who oversee the administration and educational programs."
Alternatives: "are leaders" or "are head administrators".
Dictionary
are principals
noun
The money originally invested or loaned, on which basis interest and returns are calculated.
Exact(35)
Erin Billman are principals at Blu Skye.
John Whalen and Erin Billman are principals at Blu Skye.
Even Westvang and Simen Svale Skogsrud are principals of Bengler.
It features panelists who are principals or employees of investment firms and a special guest.
According to the reigning academic theory, shareholders are "principals" and management serves as their "agent".
Disclosure: Dr. Asch and Dr. Volpp are principals at VAL Health, a behavioral economics consulting firm.
Similar(25)
They are principal investigators of the Latino Immigrant National Election Study.
All authors are principal investigators of NPIC.
"It's principals and matters of respect.
O'Boyle is principal investigator.
Being principal guest conductor was honor enough.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com