Yes. Put the sensor on the outside of a waterproof plastic enclosure, with the sensor electronics, wireless transmitter, and battery inside. Make sure to seal the hole where the wires go outside to the sensor. Note that you will have to change the battery every few days or weeks, depending on the static current of the sensor electronics and the transmitter. A fully integrated design would keep the transmitter off until the sensor detects rain, but that is a more complex design.
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