It depends on the actual supply voltage and how heavily loaded and well cooled the motor is.
If the nominal 208 volts supply is generous at perhaps 215 volts actuall, then it should be fine since the voltage is well within 10% of the nominal.
If however the nominal 208 volt supply is on the low side at perhaps 200 volts actual at the service, and 195 volts at the motor then it may be a problem.
A 230 volt motor run at 195 volts will draw more current in order to provide the same HP and will therefore run hotter.
If the motor is over sized, perhaps 6 HP but only required to produce 5HP then it should be OK.
If the motor is a continous duty type, but only run intermitantly it should be OK.
If the motor is worked in very cold and well ventilated conditions, then the extra heat should be carried away without it running any hotter, again no problem
If however the motor is to be fully loaded, continually, in a warm enviroment, then I would advise against it.
Either obtain a 200 volt motor, or a voltage increasing transformer, or a larger 230 volt motor in order that it wont be fully loaded.