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I don't think there is one (even in R12). But depending on where you are coming from (Spares Management or Pure Engineering perspective), you may find something in those applications. Even clean item master import where you are creating Item relationships as part of the item import, you can use item create business event (checking the rows existance in the interface tables and base tables) and use that event.
Also I am aware as part of the AIA effort to integrate the Agile PLM and EBS Item master, there are quite a few planned and I am sure this could be one of those. I saw a open world presentation where this is was one of those "Should Have" and not "Must Have" features.
Sorry for the long answer, but the answer as I found now, is now.
The info., which you have provided is certainly helpful…for now I have decided to use BPEL DB adaptor to get the Item relationship data.