If you just want to tunnel serial *over* IP I do this all the time w/ Lantronux devices, most often their simplest UDS1100. It has a single 25-pin serial port (and it comes w/ a 25<>9 adapter), plus an ethernet port. You can connect 2 Lantronix's together over the internet, or you can use virtual serial port software provided by them for free for a PC. For example, I have generator monitoring systems throughout the US, and I can connect to them from my latop by using our VPN (w/ constantly shifting encryption dongles and such to get there, but that's unrelated to the serial part) and then telling the client software on my laptop to use a serial port that just happens to be a virtual port. It tunnels over IP to the lantronix and then into the device, which has no idea I'm not sitting there w/ a 6' cable. Works great. I've also used this to connect 2 serial-based devices together using 2 lantronix's, most often when I need an air gap, and tunnel the serial over IP provided by a couple of encrypted bridged WiFi units (ie, if I have a parking lot I'm not allowed to tunnel under or throw wire over). You can get them for a hundred bucks and can power them from DC, w/ a wall wart they provide, or using PoE (which is very useful).
Sean