Yes, the command exist in 12.3
here is the command reference guide:
ip inspect log drop-pkt
To log all packets dropped by the firewall, use the ip inspect log drop-pkt command in global configuration mode. To return to the default state, use the no form of this command.
ip inspect log drop-pkt
no ip inspect log drop-pkt
Syntax Description
This command has no arguments or keywords.
Command Default
Packets dropped by the firewall are not logged.
Command Modes
Global configuration (config)
http://www.cisco.com/en/US/docs/ios/security/command/reference/sec_i2.html#wp1048887
HTH