On the current sound engine, no, this is not possible. For a system like that, sounds would need to be made directional, with a system similar to what Flight Simulator X uses, which they call sound cones. They project the sound in the direction of the cone, then, when the camera exits the area covered by the sound cone, the sound stops playing, or, often, is able to get quieter, such is the case with most planes that use sounds designed specifically for FSX instead of FS2004. When you rotate the camera around the plane, the engines will have more of a hiss from the front where the engine intakes air, then, when behind the rear, you can hear more of the combustion going on in the engine. See the video below for what I mean.
https://www.youtube.com/watch?v=7JA8Fiawqw4But yeah, like I said, a system like this isn't implemented in our current iteration of Train Simulator. I really wish it was, so that you can have the camera in different positions on the locomotive, yielding different sounds from the prime mover, such as standing near the front, with the prime mover sound being obstructed by the locomotive, but you are able to hear a rumble from the frame. And of course, the most important, horns with bells in different directions and occluded volumes on front facing horns from behind.
They exist everywhere. You may not see them, but they're there. Awww yeeeaaaahhhh, 20% Cooler! /)