Put following function into your module and you can use it for form elements through a #element_validate entry.

<?php

function element_validate_valid_path($element, &$form_state) {
  $value = $element['#value'];

  if (!drupal_valid_path($value)) {
    form_error($element, t('%name must be a valid path.', array('%name' => $element['#title'])));
  }
}