Found the solution here: http://iambigblind.blogspot.de/2013/02/configuring-pep8py-support-in-pycharm-27.html
Just add E501 to the list of ignore errors and the warning will go away in PyCharm 3 (and 4).
Edit:
According to a comment on the JetBrains site, someone said "The error code as of Pycharm 2017.3.4 is E111", see https://intellij-support.jetbrains.com/hc/en-us/community/posts/205816889-Disable-individual-PEP8-style-checking-line-length-?page=1#community_comment_360000113310