Can I create a monitor for port 514?

By default, a TCP or UDP monitor will probe the pool members on their specified port. The exception would be if the pool members are defined on all ports (:0), so the monitor must specify an Alias Port value which will be used to probe the members.

Yes you can configure the parent monitor to udp/tcp and configure the alias port to 514.It should work

You can very well create a TCP monitor to that Port.

Alias port is what you are looking for

Awesome, thank you all for your answers.