I've wondered this myself, but didn't find anything obvious to do it. It'd definitely need to be something 3rd party that kept a sort of "watchdog" timer running that didn't incriment while sleeping.
Actually, the logs do record sleep and wake times, so if you were clever you could write an app to sum the sleep time from the log files and subtract it from the reported uptime. I smell grep project for somebody with more time than me.