To throw in some more information. For induction motors speed can be controlled by frequency as has already been stated. The device to use for this is a Variable Frequency Drive, or VFD.
Most VFDs are designed for 3 phase motors, our residential power is 1 phase. It was difficult but I did find some 1 phase VFDs but the cost starts at ~$150 US. A drawback is that like controlling a brushed motor by voltage, as the speed drops the power decreases. What this means to us is that the sander will stall easier the slower it is going. Depending on what is being sanded this may or may not be an issue.
I am speaking frome experience. I have a VFD on my old South Bend lathe. When I use the VFD to slow down the speed it typically stalls on all but a very light cut in metal. Works ok for wood though
Glenn