Interesting question.
There are status bits for 'Channel Communications Active'... S:33/4 for channel 0, S:1/7 for channel 1 on an SLC5/05. I don't know how they respond though. (Look in "Processor Status" for additional comms status bits).
My normal approach is just to start a timer, and reset it every valid message transaction. As long as comms are running, the timer stays reset. If comms fail though, the timer times out, latches a fault bit, and I use that for the failure detect.