If your sim is at a certain level of painting skill (can't remember which level exactly), they have the option to do a "still life". This is where you choose something your sim can see, for him/her to paint. So I suppose you could choose to paint a still life of a photo that is hung on the wall. The thing with that is, in my experience I have found that the painter does not do an exact copy of the image, rather it morphs it in someway by changing the colour, making it blurry, etc. So it won't look exactly like the actual photo.
Correct me if I'm wrong about this, anyone. I don't know of any way to transfer an image onto a drawing/sketch.