There used to be, but it was removed after customers found out about it and complained. Now you get a warning and big disclaimer, but it isn't limited.

Source (and plenty others if you google): http://insideevs.com/tesla-remove-launch-power-restrictions/

I think the problem is that the batteries can't handle sustained power drain without overheating, so accelerating hard for too long will put the car into a mode where it won't do so anymore for a while.