Yes. Its a simple command that I typed by right clicking rage in my steam library. I just forgot what that line was. Give me a moment I will find it for you.
Open steam library. right click rage. Open properties. Click set launch properties options. Type the following, then close. You will be capped at 120 frames every time you start. Keep in mind you can change the number to 240 if you had high frame rate monitor.
+com_maxfps 120