Will a grill pan reduce oil splatter when pan-frying steaks?
Yes, a grill pan will help some, for the very reason you have already identified in the question. Another advantage to a grill pan is charming grill marks.

I don't think that's your best solution.

If you like a serious sear on your steak, I don't think you can do better than a wickedly hot cast-iron skillet. (more on that: Why did my attempt at pan-searing beef filets fail miserably?) To mitigate spatter, I recommend a spatter screen.



The surface is a fine mesh screen, it allows free exchange of air, but holds grease in the pan and away from your walls.