We investigate microlensing amplification of faint stars in the dense stellar cluster in the Galactic Center (GC) by the super-massive black hole (BH). Such events would appear very close to the position of the radio source SgrA*, which is thought to coincide with the BH, and could be observed during the monitoring of stellar motions in the GC. We use the observed K-band (2.2 um) luminosity function (KLF) in the GC and in Baade's Window, as well as stellar population synthesis computations, to construct KLF models for the inner 300 pc of the Galaxy. These, and the observed dynamical properties of this region, are used to compute the rates of microlensing events, which amplify stars above specified detection thresholds. We present computations of the lensing rates and amplifications as functions of the event durations (weeks to years), for a range of detection thresholds. We find that short events dominate the total rate and that long events tend to have large amplifications. For the current detection limit of K=17 mag, the total microlensing rate is 0.003 1/yr, and the rate of events with durations >1 yr is 0.001 1/yr. Recent GC proper motion studies have revealed the possible presence of one or two variable K-band sources very close to SgrA* (Genzel et al 97; Ghez et al 98). These sources may have attained peak brightnesses of K~15 mag, about 1.5-2 mag above the observational detection limits, and appear to have varied on a timescale of ~1 yr. This behavior is consistent with long-duration microlensing of faint stars by the BH. However, we estimate that the probability that such an event could have been detected during the course of the recent proper motion studies is \~0.5%. A ten-fold improvement in the detection limit and 10 yr of monthly monitoring would increase the total detection probability to ~20%. (Abridged)