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This module adds settings allowing you to exclude specific types, severity levels and ip addresses from being logged to the database.
It does this by overriding the HOOK_watchdog function in the dblog module and implementing its own.
settings are with the other logging settings at: admin/config/development/logging

After implementing this module, I came across one that does virtually the same (though it doesn't seem to filter IP).
Watchdog Filtering

Another D8 alternative:
https://www.drupal.org/project/dblog_filter

D8 Clone of this module
https://www.drupal.org/project/dblog_exclude

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