Short answer:
No, a progressive form (present participle) can never replace which. Which is elided, not replaced.
Long answer:
It is so called an absolute construction (also known as a participle construction) or participle clauses where a subject is omitted when it is or is considered the same subject as that of the main (independent) clause and a finitive verb form is changed to a non-finitive form.
Yesterday the stock market crashed, which resulted in social collapse.
The subject of the relative clause headed by which is which. It refers to the "action of stock market's crashing yesterday" and that action resulted in social collapse. By eliding the subject which and changing the past tense form resulted to a non-finitive form (present participle) resulting, you can create a participle clause.
Participle clauses replacing a relative clause
A present participle clause can replace an active voice finite relative clause. The noun before the participle is the doer of the action:
If you think you have received an e-mail containing a virus, you should delete it immediately.
(If you think you have received an e-mail which contains a virus, delete it immediately.)
