Yes, what you're looking for is the relation ideal. Given a sequence $p_1(T), \dots, p_n(T) \in k[T_1,\dots,T_k]$ of polynomials, their relation ideal is the ideal $I \subseteq k[X_1,\dots,X_n]$ given by $I := \{ f(X) \in k[X_1,\dots,X_n] \mid f(p_1,\dots,p_n) = 0 \}$. If this is the zero-ideal, the $p_i$ are algebraically independent.
The ideal $I$ can be computed, for instance, using Gröbner bases. Define the ideal $J \subseteq k[X_1,\dots,X_n,T_1,\dots,T_k]$ by $J := (X_1 - p_1(T), \dots, X_n - p_n(T))$. Then $I$ is equal to the elimination ideal $J \cap k[X_1,\dots,X_n]$.
This can be computed by taking an admissible monomial ordering in which all the $X_i$ are smaller than all the $T_j$. Compute a Gröbner basis $G$ of $J$ with respect to such an ordering. Then the polynomials of $G$ that are purely polynomials in the $X_j$ form a Gröbner basis of $I$. If there are none, $I = (0)$.
Most computer algebra systems will implement such a method. For instance, in Magma you could say
Q := RationalField();
R<t1,t2> := PolynomialRing(Q,2);
f1 := t1*t2;
f2 := t1^2;
f3 := t2^2;
L := [f1,f2,f3];
S<x1,x2,x3> := PolynomialRing(Q,3);
RelationIdeal(L,S);
and it will reply
Ideal of Polynomial ring of rank 3 over Rational Field
Order: Lexicographical
Variables: x1, x2, x3
Homogeneous, Dimension >0
Basis:
[
x1^2 - x2*x3
]
A good reference for this at the undergraduate level is Ideals, Varieties, and Algorithms: An Introduction to Computational Algebraic Geometry and Commutative Algebra by Cox, Little, and O'Shea.