I think you are coming at this from the wrong end. Don't exclude this component from your alert, adjust the threshold for it on the application monitor or template.
If you are alerting at the Application level you wouldn't be able to filter it the way you want, you need to alert on Components and then you can filter them as needed. I typically try to set my alerts at the most specific object, components instead of applications since apps inherit their status from the worst component. Same idea for Groups, no need to alert on a group status if I'm already alerting on the nodes in the group.
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