Mounting a relay in an AC Panel. Is it allowed

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Fused wires off a breaker to a relay used to detect AC Power (closed if AC is on, open if it is off). Can I mount the relay inside the AC panel if there is plenty of room? Contact outputs are wired to #14 THHN into a conduit to the detector. it will save $$ to bolt the small relay in the AC Panel.
 
I've seen it done before but I'm not a fan of doing it, much better to mount a box beside the panel to put the relay in. Your probably going to be up against some UL listing issues if you install anything other than manufacturer breakers and buss bars inside the panel.
 
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