There is no such method in pywinauto, but it's easy to implement. Thank you for the feature request!
So far you may workaround it so:
import win32gui, win32api, win32con
hwnd = app.dlg.ctrl.handle
ex_style = app.dlg.ctrl.ExStyle()
win32gui.SetWindowLong (hwnd, win32con.GWL_EXSTYLE, ex_style | win32con.WS_EX_LAYERED )
win32gui.SetLayeredWindowAttributes(hwnd, win32api.RGB(0,0,0), 180, win32con.LWA_ALPHA)
P.S. It was quickly adapted from the known answer (I didn't check it yet). We will include something like SetTransparent
method into pywinauto 0.5.3 (planning this week).