No, users are not currently notified when their suggested edits are rejected. There's an ongoing feature request for that on meta.SO.
It's possible to look up a user's edit suggestion history by going to the "activity" tab on their profile and selecting "suggestions". Clicking a particular edit will then show whether it was approved or rejected, and will also show any reasons supplied for rejecting it.
Conversely, if you want to see a list of edit suggestions you've reviewed recently, those can be found under "reviews" on the "activity" tab on your profile. Alternatively, if you've just reviewed an edit and realize that you want to take another look at it, you may simply use your browser's back button to return to the review page. It won't let you change your review, but it will let you see the edit and any other reviews of it, just as if you looked it up through your activity history.
If the edit suggestion was approved in any form (either as it is, or improved upon by reviewers), it will also be listed in the edit history of the post (question, answer, tag wiki, etc.) being edited. However, edit suggestions that are simply rejected don't show up in the edit history (to normal users, anyway; they might be visible to ♦ mods).