If you are running the Enterprise version of Windows 7, 8/8.1, or 10, you can use AppLocker to configure this policy through the local Group Policy editor (
AppLocker is far superior to Software Restriction Policies. Not only can you configure executable rules like with SRP, you can also set policies for MSI installers, scripts (.bat, .vbs, .ps1, etc.) and Windows Universal (.appx) packages. You can also configure allow/deny rules based on paths, file hashes, and publisher/version info in the certificate (if the application/script is signed with one).
The location to configure the policy is in Computer Configuration -> Windows Settings -> Security Settings -> Application Control Policies.
The downside to AppLocker is that it only works on the Enterprise editions of Windows, not the Pro versions. Also, you cannot use AppLocker and Software Restriction policies together.
Here is Microsoft's documentation of the feature. If you have an Enterprise version, it's definitely worth a look. Note, that link references Windows 8/8.1, but it works equally as well in Win7 and Win10.