Thank you guys!
Sujit,
Yes, I indeed tried implementing IPostbackEventHandler, but for some strange reason, RaisePostbackEvent was never called. Probably there's something wrong with my understanding of how it works.
Damien,
Actually prm._doPostBack is invoked through __doPostBack, so approaches are pretty the same.
Finally, I came to conclusion to override UpdatePanel class (anyway I needed to add some CSS class styling to it) and override its RenderChildren method to analyze IsInPartialRendering property and raise an event if needed.
What I actually wanted is to create a custom Web control that allows creation the contents of UpdatePanel dynamically through events it issues. In my case building contents can be quite time consuming, that's why I want to do it only when the UpdatePanel actually gets updated.