No, you're right there.
There are tools for syncing to Outlook, so if you could import the contacts to that app you may be able to do it. I don't use Outlook, so have no experience of this.
If you can get your email contacts exported to a vcard file (.vcf) and copy that to your device you may be able to import it into the People app. That's a standard Android contact management feature (if you look at your contact list on the device then pull up the settings there should be an Import/Export feature, which reads from/writes to a vcard file).