Much depends on what your awning is made of. Vinyl or Canvas. You can have awnings sewn/repaired. Of course the awning material has to be in decent condition. Doi NOT use Eternabond if you plan on having the awning sewn/repaired.
A first aid type of repair that some use is "Eternabond". Yes, you can approximate the edges of the rip with Eternabond. Will not look great but will get you through til you replace the awning. It will help keep the awning from tearing further.
Here is Eternabond's website and
here is the best place to order.
I have seen a few awnings (3) patched with Eternabond. It does repair the rip. Will get you by easily til you do the replacement.