Punch Out Point with Punch and Roll?

Is there a way to set a punch out point when doing punch and roll? In the tape recorded days I had to set a punch in point and punch out point. then it would automatically stop recording at a certain point so you didn't accidentally record over any good audio after the bit you were replacing. But all the tutorials I've watched so far have folks stopping the punh recording manually by pressing the space bar. Am I missing someting?  Thanks!