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Not exactly, although mklink does work great for things like this. Originally when people started using .package file mods, there was a framework you could download that would configure TS3 to put your user-created .package files in C:\Program Files\Electronic Arts\The Sims 3\mods\packages or something like that. I never changed to putting user-created mods in the Documents folder because I liked them better in the original Program Files location and no need to have to create junctions in every user's save game folder.
Although using mklink to create junctions is still necessary if you want to share one single copy of store items or things downloaded from other sites that are in .sims3pack format.
Resident wet blanket.