No, it starts to have a flashing light, if the battery is running low. Unless the voice recorder is turned in the direction of the person being recorded, they wouldn't be able to see the light flashing. You have to be looking right at the end with the flashing light, to see it, and even then it's not really noticeable.
The recorder has discreet lights that only show when you initiate recording. During recording there are no light visible.