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Product : Red Hat, RHEV/3.5, All
Feature : VM Lockstep Protection, HA/DR, VM Mobility and HA
Content Owner:  Roman Macek
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Summary
No (native);
Yes (with Vendor Add-On: Satellite
Details
There is no integrated application level monitoring or restart of services/vm in case of application failures.
You can e.g. use Symantec Cluster Server to mitigate this.

This is possible using Satellite 6.
This is a Fee-based Add-On; Details - http://www.redhat.com/en/technologies/linux-platforms/satellite