That would be the best idea. You don't want anyone interfering with its ability to phone out the activation messages (assuming your version has that ability) or interfering with it during the entry countdown before the alarm activates.
Out of sight, and away from probable entry points, is best.
Even the keypad can be out of sight, for example on the inside of the understairs cupboard door, to prevent casual doorknockers being able to identify your security arrangements. At one time I did that, and had a dummy Menvier keypad (a few pounds on ebay) by the door.
I like the panel near the bedroom, where you can, if you want, hear it chime if the front door opens. The panel siren (if yours has one) can also wake you even if the external siren is on the other side of the house and you have thick doors, for example if a dopey visitor goes down to let the cat out without unsetting the night alarm.
I have an upstairs internal siren for that reason (and my system includes smoke detectors) as I have fire doors which muffle sound.