Anything is possible.
My particular application is 3000 psi with a 28" travel and is used to crimp and shear oilwell pipelines.
Watching for the pressure dip on a gauge is how the operators determine closure now. The system is visually inspected (exercised) for correct operation before operations begin and the pressure drops are noted and signed on a chart recorder. This provides a reasonable assumption that the system will work in the vent of an emergency.
If absolute certainty is required that a piece of iron must be at a particular position, I agree with previous posters that a position sensing sensor (micro-switch, LVDT, etc) be used.