Is there a mechanic for a PC I.e. Wizard, attempting to learn a spell that is higher level than they can currently handle? Would they take psychic damage from trying to interpret the knowledge?

If not is there a rule or mechanic that anyone has seen that covers something like this?

Thanks in advance for any responses.

It's not possible.

https://www.dndbeyond.com/classes/wizard
Copying a Spell into the Book. When you find a wizard spell of 1st level or higher, you can add it to your spellbook if it is of a spell level you can prepare and if you can spare the time to decipher and copy it.

I know about that bit. I was just hoping there was a mechanic referenced somewhere or is someone has homebrewed a mechanic that explains why that isn't possible instead of "you just can't because you not a high enough level" . 

Those sorts of in-world explanations are up to you and the DM. It's nebulously because your Wizard can't comprehend the spell yet. The increased complexity is partially reflected in the increased cost and time in scribing higher-level spells. There don't have to be awful consequences - it simply fails. This doesn't mean your Wizard can't look at the scroll and figure out what it's for - but Wizards are supposed to be understanding the fundamentals of the multiverse when scribing scrolls, which is different.

You can technically read Theoretical Femtosecond Physics, but it won't do you much practical good until you've successfully grasped the high-school and undergraduate physics reading material first.