Not as far as I am aware. Testosterone promotes hair growth, so to prevent hair growth you'd need a way to get rid of the testosterone. I'm not an expert though.
Increasing the level of estrogen does suppress the level of testosterone in your body, though sometimes not to normal female levels. That's usually where antiandrogens come in (though I think they just block the effects of testosterone and don't actually reduce the levels significantly). Like a lot of things about hormones, your mileage may vary. Taking hormones won't get rid of hair follicles that already exist, though they do prevent new ones from growing so other hair removal methods like electrolysis should be more effective.
