No, it's not. The overlaying element will always intercept the click. One possible workaround is to bind a click event to the overlaying element, and then get the current mouse position & compare that to the position of the element underneath in order to determine whether or not that element should register a click. But chances are there is a much better way of accomplishing this. Without seeing your code, however, I have no way of knowing.
Use pointer-events: none along with conditional statements of CSS for IE11 (as it does not work in IE10 or below), you can get a cross browser compatible solution to achieve this.
Using AlphaImageLoader, you can even put transparent .PNG/.GIFs in the overlay div and have clicks propagate through to elements lying bellow.
one simple trick i have found, althoug not very w3c, is to encapsulate the div into a span and use that span class to make the overlay.
That way the whole thing will be clickable , and the div will behave like a div