Yes, it is called Silent Monitoring. Here is the official documentation for the feature:
http://www.cisco.com/c/en/us/td/docs/voice_ip_comm/cucm/admin/10_0_1/ccmfeat/CUCM_BK_F3AC1C0F_00_cucm-features-services-guide-100/CUCM_BK_F3AC1C0F_00_cucm-features-services-guide-100_chapter_0101010.html#CUCM_TP_M776F7EC_00
The documentation refers to Agent as the person being monitored and Supervisor being the person doing the monitoring. Don't get too confused by the terminology as it doesn't mean there is a contact center requirement. This is CUCM Silent Monitoring is used quite often in contact center deployments though.
If you need further clarification, just let us know :)