Off the top of my head, I know that people have made games in which specific event emitters move to different position depending on the position of the listener. This is usually done as a way of handling environmental sounds that are supposed to come from an area rather than from one specific point (for example, to ensure that the sound of waves breaking always comes from the section of coastline that’s nearest to the player), but could be used to achieve the effect you describe, as well.
It’s not exactly the same thing, but people have also used either ray casting or FMOD’s built-in geometry-based occlusion system to detect when event emitters are occluded from the listener and muffle the corresponding event instances accordingly.