Yes, there is a fader calibration option in the menu of the FaderPort 8.
Power on the FaderPort 8 holding down the first two "Select" buttons and go to the "Setup" menu. You can then select "Tune Faders" and select any fader speed. Once you've selected a fader speed the FaderPort 8 will enter calibration mode.
Do not touch the faders during the calibration and wait until they are done moving completely before exiting the menus on the FaderPort 8.