Yes.
+1 Ranged Power is +1% of your base dmg. So if your total avg dmg (excluding crits) is below 100, then +1 dmg per AP is more valuable; if it's above 100, then +1 RP per AP is more valuable.
This gets more complicated if you're talking about dmg bonuses which aren't 1:1 per AP; or if you have sneak atk dmg (e.g., Mechanics) which is scaled by 150% Ranged Power (meaning SAs benefit more from RP than regular dmg does). Without knowing more about your specific build, though, it's impossible to figure out what the ideal AP spread is.