I second HCollado. Sounds like it's starving for something.
Did the boat lose power or was it just an alarm sounding?
If it was overheating, I'd make sure that the system has been burped (first time out right?). If it does have air trapped, I wouldn't think the alarm would stop with the throttle decrease.
Did the oil pressure reading change? The oil pressure sending units giving false readings seem to be a common problem. If the alarm was sounding, but boat ran well, it could be giving false readings.
Might also be the perceived voltage drop. Voltage reading may drop at the higher RPM causing the alarm to sound eventhough the power is still there.
I'd check for previous posts regarding the oil sending unit or voltage drop. Next time you go out watch the gauges and see if the oil pressure or volts drop.
Let us know the culprit once you sort it out.