From the main menu, press your left button and select Preferences -> Change Preferences for Network -> Media Server -> Check the box for Manually specify server and the enter your IP address, leave the port at 32400.
Normally, Rasplex will automatically find your Plex Media Server once you have signed into MyPlex by either signing in during the initial boot on the Rasplex Settings screens or selecting Preferences -> Change Preferences For System -> Plex from the main menu.
Sorry Ned, but I think you may have misunderstood what 'systemlordanubis2' wants to do.
I don't think it's the PMS server's IP address he wants to modify, but the IP address of the RPi itself, as used in contacting its own built-in servers from a PC. Changing this can be useful so as to make the RPi 'fit in' better with existing LAN units, for the use of SMB and SSH etc.
----- switch of reply target to: systemlordanubis2 -----
This IP configuration is done in the extra menu "System Settings" (extra in the sense that it doesn't exist in PHT on a PC).
And to find that menu, as well as some other important settings and commands, you need to press DPad_Left while in the main menu.
That will open a 'side menu' used for special commands and settings, and the "System Settings" I mentioned is one of these commands, which opens a new menu window for the system settings specific to the OpenELEC system used for RasPlex.
There you have a subsection named "Connections", which when selected shows your existing connection info in the righthand field.
Moving focus to that entry and pressing 'Enter' opens a popup (I use a keyboard, so that's the usage I describe).
In that popup you can then choose either "Disconnect" or "Edit", which latter choice opens a new submenu.
In that submenu you can edit various connection parameters including IP address, after you change the default "dhcp" setting to "manual" for the IPV4 address usage.
NB 1: Once you have opened the submenu for connection parameters, be careful to use the "Cancel" or "Save" buttons at bottom of that menu screen when you wish to exit from that submenu. If you make the mistake of exiting by other means ('Escape', 'Home', etc) then you may lose access to that submenu for the rest of that boot session. This happened to me in one test, but it was harmless, as the menu came back with unchanged parameters after using the 'Restart' command.
NB 2: That submenu is similar to a few others in that you can't reach the command buttons at the bottom by using DPad_Down as would feel natural. Instead you have to use DPad_Right/DPad_Left to navigate to/from that button section of the menu.
Another method of assigning IP for the RPi without modifying its settings would be to use an IP address reservation for it, in the configuration of the DHCP server in your LAN's router. With this method the router will always assign the same IP address you've chosen, whenever an incoming DHCP request arrives from your RPi (identified by the hardware MAC address, unique to each unit).
Either method should give the same end result, so use whichever you prefer.
Best regards: dlanor