Depends on what you mean by monitoring the mapped drive, but the answer is basically yes. As a general rule, you should be monitoring those drives on the file server where the live, in which case it is just a normal local drive to that server.
There is also a built int SAM template called "Windows File Share Availability" that you can use to test if the polling engine can access a shared drive across the network.
For trying to test if the systems you are monitoring can reach to a particular share you could cook up a remotely executable powershell script to validate the same data but I don't think there is a built in template for that.
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Funny you ask. I had the same question a few weeks ago. The answer (thanks to AlterEgo) is yes. I am using a script that I have pointed to a basic ping node that is pointed to our SAN IP address.
Here is the template that worked best for me.