As mentioned by others, there isn't a standard way of doing this as the plugin could be doing all manner of things (and all plugins are different). You will need to edit the plugin.
I have come across this very same problem and found that this works for very simple plugins:
Give the body element a class e.g. ".pluginActivated". Edit the plugin so that before it does anything, it checks if the body has that class.
Now you can remove the .pluginActivated class from the body and the plugin will hopefully stop working on the element.
e.g. the plugin may start with
return this.each(function(){
Just add an if function directly underneath, before any code where the plugin starts doing stuff that you want to 'deactivate':
if ($("body").hasClass("pluginActivated")){
(and remember to close off the curly brackets with a } at the end).
Now this has other issues: the plugin is not truly deactivated, it will still check for the body class when fired, but at least it may have the desired effect of not being bound to your specified element.