Going over the SSI specs, the maximum delay between the PWR_ON line commanding a PSU to turn off, and the PWR_OK (previously referred to as PWR_GOOD) dropping, is max 50 millisecond.
So the relay would have to respond within that time frame.
[edit] Specs for the above relay indicate a response time ("Release time") in the order of 5 millisecond, so I think this will work.
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