There is indeed, although it's done in the theme metrics, so you will want to check out the metrics.ini file for the theme you use (or you could make your own tiny theme similar to the "Home (customised default)" theme that comes with stepmania).
These are the lines you want:
# I've left these blank deliberately so you can write your own scoring weights in. These lines are completely optional if you want to use sm5's default scoring system.
[ScoreKeeperNormal]
PercentScoreWeightHeld=
PercentScoreWeightHitMine=
PercentScoreWeightLetGo=
PercentScoreWeightW1=
PercentScoreWeightW2=
PercentScoreWeightW3=
PercentScoreWeightW4=
PercentScoreWeightW5=
PercentScoreWeightMiss=
# These lines *must* be the same as the percent score weights unless you want grades to be judged on a different scale than your actual percentage score.
GradeWeightHeld=
GradeWeightHitMine=
GradeWeightLetGo=
GradeWeightW1=
GradeWeightW2=
GradeWeightW3=
GradeWeightW4=
GradeWeightW5=
GradeWeightMiss=
# Here are the grade percent thresholds. I've put in some nominal values for you to start with but you can change them to whatever you want.
# The player has to get the amount of score shown in order to get that grade.
# These grade tiers are designed to work from the default SM5 theme.
# Tier 1 = AAAA, 2 = AAA, 3 = AA, 4 = A, 5 = B, 6 = C, 7 = D, 8 = E
# It is totally possible to add new grades for an ITG style grade system if you want.
[PlayerStageStats]
GradePercentTier01=1.00
GradePercentTier02=0.98
GradePercentTier03=0.95
GradePercentTier04=0.90
GradePercentTier05=0.80
GradePercentTier06=0.65
GradePercentTier07=0.50
GradePercentTier08=-1
# the below lines specify that you DON'T need a full combo to get these grades.
GradeTier01IsAllW2s=false
GradeTier02IsAllW2s=false
GradeTier02IsFullCombo=false
NumGradeTiersUsed=8
Hope that helps. You
should be able to paste that into the metrics of the Home (customised default) theme and just have it work. I believe it's not possible to do grades based on the other scoring system present in stepmania (but who knows how that works lol) - they're entirely percentage based.