No, there is no such option. The 'bullets' idea is standard for the display of passwords to ensure their security from prying eyes - to that end, I won't be changing this.
What you should consider, and I'm surprised you're not already, is using the Keychain to store your passwords. That way, if you need to see a password in clear text, you can do so by looking it up in the Keychain Access application. Obviously, the Keychain can only be accessed is you enter your Keychain password, so the passwords contained within it are protected.
To enable password storage in the Keychain, enable the 'Store passwords in Keychain' option in the Server Options tab of the Preferences