No it's not possible. See this answer from the Subversion FAQ:
Does Subversion have a keyword which behaves like $Log$ in CVS?
No. There is no equivalent for the $Log$ keyword in CVS. If you want to retrieve a log for a specific file, you can run 'svn log your-file-name' or 'svn log url-to-your-file'. From the mailing list some explanations why $Log$ is bad:
"$Log$ is a total horror the moment
you start merging changes between
branches. You're practically
guaranteed to get conflicts there,
which -- because of the nature of this
keyword -- simply cannot be resolved
automatically."
And:
Subversion log messages are mutable,
they can be changed by setting the
svn:log revision property. So the
expansion of $Log:$ in any given file
could be out of date. Update may well
need to retrieve the appropriate log
message for each occurrence of the
$Log:$ keyword, even if the file that
contained it was not otherwise
updated.
I don't care about that. I want to use it anyway. Will you implement it?
No. There are no plans to implement it ourselves or accept patches which implement this feature. If you want to distribute your files with some kind of changelog included, you might be able to work around this limitation in your build system.