Sort of...
My initial thoughts were along different lines.....
Voice recognition has got very good these days hence there are these irritating automated telephone services where you speak your bank details etc.
Simply having a box that interprets what is being transmitted into text and that being broadcast digitally on a different freqency to an ancillary screen for the ATC where keywords such as PAN and Mayday highlighted in red (or any colour) for attention.
In the case of mayday/pan identification it would be also be possible for this broadcast of text to be picked up on other aircraft with said equipment and for their flight decks to be made aware a situation is in progress.
I dont know that anything like this exists specifically targeted at the aviation industry but we use VoiceXML alot at the telco I am working at and it works very well. The W3C's Speech Interface Framework's Grammar specification and the semantic Interpretation specificatons (SRGS & SISR) wouldbe easy to fit in to such a product and the interactivity left out. Coupling this technology with a digital transceiver I dont think would be too much of a challenge and not that expensive.