Hello Hammad,
Yes, it is supported with CIPC version 7.0(1) or higher.
Please check Feastures and Services Guide for details:
http://www.cisco.com/en/US/docs/voice_ip_comm/cucm/admin/7_1_2/ccmfeat/fsmr.html
CIPC is not listed as a supported model, but this is a mistake described in the defect
CSCtb95488 FSGuide missing phones for Silent Monitoring and Recording devices
Regards,
Vladimir.