Crucial's selector is USUALLY (but not always) correct ... and it shows a maximum memory for that system of "384MB or 512MB" => since there's only one user-accessible slot, I presume the difference depends on what the "other" slot is populated with (128MB or 256MB).
The ONLY "compatible" module Crucial offers is a 256MB module [
http://www.crucial.com/store/listparts.aspx?model=VAIO%20PCG-R505G%20Series# ] -- which, in your case, would (as you know) bring you up to a total of 384MB. That's all Crucial will "guarantee" -- since their selector does not show a 512MB module as compatible.
However, they have a good return policy, so if you want to purchase a 512MB module and give it a try, you can return it with no problem within 30 days [and you'll know within 30 minutes of receiving it if it's recognized :-) ] => so the worst case is it would cost you a few $ to try it.