There actually is a way to turn on vsync. I was getting significant screen tearing so I went searching for this.
- Navigate to C:\Users\[user]\AppData\Local\BBPSX\Saved\Config\WindowsNoEditor
- Open GameUserSettings.ini
- Change bUseVSync=False to bUseVSync=True
I agree that a vsync option in the graphics settings would be helpful but this solution works quite well for now.