In a short answer - Yes!
But what ask for (decode) is not clear as WCF is able to use various protocols such as HTTP, TCP named pipes or MSMQ. Further it can be asynchronous and have "pure" text content as well as binary content.
But all of them should be monitorable with DC RUM. Depending on what information matters to the people that look at the reports, you'd be using slightly different approach for the different mechanics such as Port sharing and other WCF features.