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If by concept, you mean infrared and/or visible spectroscopy, then yes, infrared spectroscopy can be used to determine trans fats. If you mean using red and near IR light through tissues, then the answer is "no." Pulse-oximetry works because there is big difference in absorption coefficients of the red light by oxygenated and non-oxygenated hemoglobin, yet the absorption coefficients for the infrared light are almost the same. In other words, the infrared absorption serves like a calibrator for the total hemoglobin. See isosbestic point (Isosbestic point - Wikipedia, the free encyclopedia) for more discussion on how that calculation is made.
John