No, you are not.
java -XshowSettings:all will start a new process and output infomation about that process. You would need to add that to JAVA_OPTS to be helpful. It will print out settings when you server starts.
But I usually just look at what the process has been started with:
[rhusar@rhusar wildfly-8.0.0.Beta1-SNAPSHOT]$ ps xafu | grep java
rhusar 17974 147 2.5 3181648 204168 pts/3 Sl+ 10:05 0:07 | \_ /usr/java/latest/bin/java -D[Standalone] -server -XX:+UseCompressedOops -Xms64m -Xmx512m -XX:MaxPermSize=256m -Djava.net.preferIPv4Stack=true -Djboss.modules.system.pkgs=org.jboss.byteman -Djava.awt.headless=true -Dorg.jboss.boot.log.file=/home/rhusar/as/build/target/wildfly-8.0.0.Beta1-SNAPSHOT/standalone/log/server.log -Dlogging.configuration=file:/home/rhusar/as/build/target/wildfly-8.0.0.Beta1-SNAPSHOT/standalone/configuration/logging.properties -jar /home/rhusar/as/build/target/wildfly-8.0.0.Beta1-SNAPSHOT/jboss-modules.jar -mp /home/rhusar/as/build/target/wildfly-8.0.0.Beta1-SNAPSHOT/modules org.jboss.as.standalone -Djboss.home.dir=/home/rhusar/as/build/target/wildfly-8.0.0.Beta1-SNAPSHOT -Djboss.server.base.dir=/home/rhusar/as/build/target/wildfly-8.0.0.Beta1-SNAPSHOT/standalone -c standalone-ha.xml
...and I see the options kicked in.