They will be able to tell you have a connection active,
and they will be able to tell what machine you are
connected to.
They will not be able to see the actual stuff that's
happening in the connection, because it is encrypted.
That said, I wouldn't violate any policies your company
has, because they will be able to see how much data is
passing across (ie, if you transfer lots of files),
they'll be able to see how long the session is connected,
they'll be able to see what machine you're connecting to,
etc. It's their network, after all.
The actual data is encrypted, so they can't magically see
the data.