Yes. When the power is applied the capacitor looks like a dead short and the relay is energized. As the capacitor charges the relay loses voltage and drops out. When the capacitor is fully charged, it draws no more current. When the power goes away the capacitor discharges through the diode and resistor. Pick a relay with the highest coil resistance, so you can use the minimum size capacitor...therefore the least total power consumption.....Will this just briefly pulse the relay then only reset on power loss?
Ken