I don't know of a way using vim syntax, but you could create yourself a .vimrc.proj file (my naming convention) and fill it with whatever you want that pertains to that project, then 'source' it.
So, you would have the following in /my/project/root/.vimrc.proj (using Paul Tomblin's example):
set path=/my/project/root/src/**,/my/project/root/com/**,/my/project/root/foo/**
And then from within vim:
:source /my/project/root/.vimrc.proj
Basically, once you have the file set up it would be a similar number of keystrokes to set the project path. Of course, you can also place other project specific settings in there as well such as cscope mappings or whatever.
Admittedly, it leaves a 'dropping' in the file system but plenty of other environments create project files.