No - by default WordPress doesn't handle
%event-category% in this case) tags in the permalink structure of custom post types.
There are work-arounds that you can do to get the structure after. Specifically if you take the event permalink structure to be:
and the event category to have structure
Then add the rule (with
to point the event with slug given by %event% - then that should work.
If you're not sure how to do this, you might want to look at some of the answers given at WordPress Stack Exchange.
In particular you may find this question helpful: http://wordpress.stackexchange.com/questions/21022/mixing-custom-post-type-and-taxonomy-rewrite-structures