I think event points could be an answer as it is automatically updated as well as data annotated at event points. The issue is that you have to deal with the annotation that is available, you can't create your own text. This is something that can be done also with MicroStation where you can use element information as text. If the element changes the information is updated. The problem is that most often the rail track element is not changed but deleted and created, so the link is broken. Depending on what you want to achieve, Rail Track SS4 can go further with the design intent capture. You are then able to link an element to an alignment and annotate the element using standard MicroStation functions.
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