Yes. Now, delve into what this concept says implicitly...
That the saints in heaven are not only watching you, but can also aid you, as well... If they were merely watching and not able to influence or effect anything, than we wouldn't care if they were watching or not.
I believe that the angels are not the only ones rejoicing in heaven when a sinner turns back to God.
Regards
Well, as I'm sure you guessed, I was only really talking about God. I don't know if the saints in Heaven are aware of earthly events or not, but I can't imagine that they would even be interested. Life on earth is an infinitesimally small part of our existence, and I would think that they would be much more interested in their Heavenly lives. Since God doesn't need their help in managing the affairs of mankind on earth, it would actually disappoint me if they were involved. I.e., is Heaven so boring that the saints need to watch and participate in the soap opera down here? :)