Yes there is, you will need root ssh access to your server, and follow these instructions.
1. Create The File.
# cd /usr/local/psa/bin/
# vi addpear2php.sh
Add the following code to the addpear2php.sh file:
#!/bin/bash
cat > /home/httpd/vhosts/$1/conf/vhost.conf <<EOF
<Directory /home/httpd/vhosts/$1/httpdocs>
php_admin_value open_basedir /home/httpd/vhosts/$1/httpdocs:/tmp:/usr/share/pear
</Directory>
EOF
Save the file
# :wq!
2. Add To Plesk
Login to the plesk admin console and go to the server section.
Locate Event Manager and click on Add New Event.
Select Physical hosting created from the dropdown, normal in the priority list and root as the user and paste the follwing line into the Command text box:
/usr/local/psa/bin/addpear2php.sh <new_domain_name> <new_system_user>
Click OK to save the event.
3. Test It Out.
Select a client, preferably your default client which holds your website(s).
Add a new domain.
Login to SSH again, or go back to SSH if you still have it open.
# vi /home/httpd/vhosts/test-domain.com/conf/vhost.conf
Confirm the line has been added.
Your good to go, all new domains will have the pear open_basedir restriction removed.