I2c bus monitoring

Im trying to connect to i2c bus which sends data form controler to Led panel through m5451. I can see the data using usbee. What im willing to achive is to read the data and use some part of it in Arduino. Is it possible to filtr specyfic adress and upoming data? Kind of parsing? Let me mentoion im unable to program the existing main controller.

If you know the slave address you can just hook up the Arduino and set it up as a slave with the same address.