From my knowledge, the answer is no.
The Davis uses pulses to signal wind speed, and the Peet Bros does, too.
The major difference is that the Davis uses the much more traditional potentiometer to deliver a voltage and the ISS reads that to convert to a wind direction.
The Peet Brothers does something much more difficult and very different. It times when one of the magnets makes or breaks and then depending upon the time until it pulses again, determines the angle of rotation through which the wind speed magnet has rotated, simplified explanation. Therefore, if there is no rotation of the wind speed magnet, there cannot be a determination of which direction the vane is pointing, unlike a no-wind condition for a Davis, which of course will give a voltage on the wind direction sense line.
Very odd, but seems to work for them. If you go to Davis's web site, there is a better explanation of how they designed their unit. It certainly gets rid of the potentiometer and it wearing out, but the timing circuitry to measure the angle has to be a bit more complicated.
Dale