Hi Shawn
You can exclude the storage location from MRP using the "MRP Sloc Indicator". This setting is available on the material master tab MRP 4 (it only appears when accessing the material master with plant and sloc).
If this is not an option to you and you have a more specific business requirement, it is possible to do that using method CHANGE_MDPSX_MARD of BAdI MD_CHANGE_MRP_DATA. See the document below for an example of this BAdI:
Making an element not relevant to MRP or MD04 using BAdI MD_CHANGE_MRP_DATA
BR
Caetano