Yes, it's called HDM (Hierarchical-Deterministic-Multisig).
There's no standard, per se, and the main proponent (to the best of my knowledge) is/has been Vitalik Buterin, of Ethereum/Bitcoin Magazine fame.
There's code in the Python pybitcointools library which allows one to implement this on a low level. The functions are called:
The format is:
bip32_hdm_script([xprv1, xprv2, xprv3...], (0, 1..)), where the xprvs are as a list, and the integers proceeding it represent path derivation (NOTE: the ints must be a tuple). So,
1H. This function returns the multi-sig redeem script, so you'll pipe it into
bip32_hdm_addr (which simply returns the p2sh addresses)
Of course you'll also use the script to sign transactions. There's a useful fork of pybitcointools available with added functionality and regular updates, which could be more useful in this endeavor (vs the sporadically updated source library).
A similar question - Clarification of BIP32 hierarchical deterministic multisig scripts - was recently asked and answered by me too