Yes, from version 3.1.0 on there is an option in the settings to enable notifications when the bell rings. If you enable vibrations when ringing, too, your smartwatch will vibrate when the bell rings. Android Wear allows you to mute your phone when connected to let only your wearable vibrate.

Version 3.2.0 brings these notifications can be dismissed automatically. This lets the ring notification disappear after a short while.