I have two ICs. The former acts like an ADC, measuring the voltage in a power outlet and transmitting the result to the last. Both ICs requires 5 Volts to work.
I want to opto-isolate the channel between the two ICs to protect the last IC against peaks in the grid that the former IC is measuring.
Below there is a VERY simplified version of the circuit:

The power supply is the classic one (voltage transformer, regulator, capacitors, etc) and the input voltage is the same as the power line: 220 Volts RMS. The power line has a transformer too (not shown).
Is safe to both ICs share the same power supply? It is possible that in presence of a very large noise, the first IC affects the second in that common point?
If it is wrong... how to accomplish the isolation?
EDIT
IC1's datasheet
IC1 is a specific purpose IC to measure voltage (and current) from the power grid. The IC's datasheet has a example circuit that I pretend to use.
IC2 is a microcontroller that will receive the information from IC1.
The example circuit

Although the circuit does not use a transformer and voltage regulator, I intend to use them to power the IC.
The datasheet recommends to isolate the channel between ICs.
My focus right now is discover if it is possible to use the same supply for both ICs and yet opto-isolate this channel between them.

