That ain't gonna fly.
You need something to do the protocol conversion at both ends. If you had a thermostat (for example) with an Ethernet connection, it'd talk Ethernet, not serial.
If it only had a serial connection, then you'd need another device to do the serial->ethernet conversion.
That device is usually a terminal server of some sort (check out Lantronix, they have some 1 & 2 port models).
The bottom line is that you can't just dump serial protocols into an ethernet connection and get ethernet encapsulated RS232.
You *can* run serial protocols over UTP ... no problem, other than potential length limitations.
I made some microcontroller thingys to control the registers in my townhome to help balance the temp between the floors, and they talk to the main controller over UTP / RS232.
Whatever. You may want to investigate something like X-10 ... see SmartHome.com
Good Luck
Scott