Yes, it is. Here's how I'd do it:
1) Go to "Workflows" and find the transition that you're interested in. For example, if you want to fire the event when you resolve an issue, find the "Resolve Issue" transition.
2) Look at the "Post Functions" for that transition. There should be an event in there, such as "Fire a Issue Resolved event that can be processed by the listeners.".
3) Go to the notification scheme for the project, and add a notification for that event. Choose the users/groups that you wish to be notified when the event happens.
But what if it's a custom transition that you've created? e.g. "Eat Lunch". In this case, you'll need to set up your own event:
2a) Go to the Events admin page.
2b) Create a "Eating lunch" event.
2c) Go to the "Eat Lunch" transition and add a post function to fire the "Eating lunch" event.
Then use that event in your notification scheme as per step 3 above.
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