Yes, it is possible, both Workstation (5.5 on Linux) and ESX have the option to use a physical serial port when you add such a port to the VM.
You can also redirect the output of the serial port of the VM to a file on the host or to a name pipe (at least on Linux).
On ESX it is important to be aware, that not always it works fine, and also VM assigned to such port can't be automatically vmotioned as far as I remember (need to remove this port before) If you found this or any other answer useful please consider the use of the Helpful or correct buttons to award points
VMDirectPath only works with special ethernet adapters so no it will not work with a Com port, however, it has always been possible to hook a host COM port to a VM.
