I don't have an install up and running at the moment, but this setting does appear to be configurable:
User.sendInvitationEmail = function (uid, email, callback) {
callback = callback || function () {};
var token = utils.generateUUID();
var registerLink = nconf.get('url') + '/register?token=' + token + '&email=' + encodeURIComponent(email);
var expireIn = (parseInt(meta.config.inviteExpiration, 10) || 1) * 86400000;
src/views/admin/settings/user.tpl: <input type="number" class="form-control" data-field="inviteExpiration" placeholder="1">
So I'd look for it somewhere in admin user settings.