Short answer: no.
Long answer: Setting a lower EPA simply means the ESC will never see WOT signal. Punch control is different altogether; it lengthens the
time it takes to go from throttle position A to throttle position B. Let's say you mash the throttle trigger from neutral instantly, punch control will make the ESC go from neutral to WOT over a longer period of time. This helps reduce the instantaneous current burst.
Edit: Here is a post from CC about a few of the ESC settings:
http://rc-monster.com/forum/showpost...06&postcount=3