Assuming both ends are Check Point gateways, yes. This was covered in the third edition of my book below. I think you can still do the alerting via Permanent Tunnels in DPD mode with a third-party peer, but I don't recall ever setting up that particular configuration. To set where the traps/emails go be sure to edit the Alerts screen under Log and Alert in the Global Properties.
Attend my 60-minute "Be your Own TAC: Part Deux" Presentation
Exclusively at CPX 2025 Las Vegas Tuesday Feb 25th @ 1:00pm