I actually don't think it is, because the indent is still lower than the beginning of the expression:

from http://www.python.org/dev/peps/pep-0008/

Yes:

# Aligned with opening delimiter
foo = long_function_name(var_one, var_two,
                         var_three, var_four)

# More indentation included to distinguish this from the rest.
def long_function_name(
        var_one, var_two, var_three,
        var_four):
    print(var_one)