Yes, but only in the links, we can't track if someone opened the message.
You will have to generate the UTM codes from somewhere and embed them into the links that people click, but the formatting for links allows the sender to do so.
The formatting code to use would look like:
[Your Personalised Link](http://www.google.com/?utm_title=your_utm_value_here)
Then, users would only see "Your Personalised Link", and then when clicked, it logs the click back to the Google Analytics account that was used to make the UTMs with.