There are some VFD's that can come close, and used in elevator and crane hoist control, and also spindles can position via an encoder for tool changing, but it definitely requires the feedback (encoder) option, but they cannot obtain true synchronism as a AC servo does, by the time you have gone through that, a servo with gearing is going to be the best of the two for precise PID loop control, IMO.
Al.
CNC, Mechatronics Integration and Custom Machine Design
“Logic will get you from A to B. Imagination will take you everywhere.”
Albert E.