For accuracy you would have to do it differently but the cost would be much higher. There are two ways to do this if you use the simple circuit you propose:
1. use multiple resistors in series for the 5M. A 'normal' resistor is generally rated for around 250V before risk of internal arcing so it would be best to spread the voltage drop across maybe 25 smaller ones. Use a voltage comparator, comparing against voltage from a potentiometer across 5V and ground, take the output of the comparator to the reset input on the 555. When the voltage reaches the level you set with the potentiometer, it shuts down the 555 oscillator until it has dropped again.
2. use the resistor chain again but measure the current through it rather than a voltage tapped off it. Connect the bottom of the resistors to the base of a transistor, ground the emitter and use the collector as the 555 reset control signal. It's less accurate this way but uses fewer components.
You probably want the FET resistor in the gate not the source pin and you may need a Zener diode across the drain to source to clip excessive voltage peaks as well.
Brian.