Yes! I'm not on my computer, so this is from memory: In the Character menu there are options for kerning (the space between letters) and leading (the space between sentences). Just play with those numbers until you match things up!
I don't know how it works in PS but in Paint Shop Pro you can move each line of journaling individually. So if the leading adjustment does not work to my liking I just select the line of journaling which is giving me isues and use my arrow keys to bump it up or down a tad. Like I said though Im not sure if that'll work in Photoshop or not.