Yes, the operation is called "Read Busy Flag and Address".

You need connection of the R/W line.

Set R/W=1 (usually set 0), set RS=0, Busy Flag is returned in DB7, Address Counter is returned in DB0 thru DB6. There is no equivallent PICBasic instruction. LCDIN sets R/W=1 and RS=1. Close, but no cigar. LCDIn and LCDOut don't check the Busy Flag, they just use blind timing.

I normally have the PIC keep track of the Cursors position - LCD's aren't that big, so how hard is it to lose your Cursor?