Currently, Songspace only allows restoration of songs, files, and recordings. Deleting a folder is permanent.
However, all of the contents of the folder will be sent to the Trash. From the trash, you can restore all of the contents.
The good news is that you have the option to create a new playlist folder when you restore a song, recording, or file. This will allow you to restore any of those deleted assets to a new playlist folder with the same name as the previously deleted one. Simply select your My songs and then select the Create new playlist folder option.
To learn more about restoring songs, click here.
To learn more about restoring recordings, click here.
To learn more about restoring files, click here.