I think voltage can be induced on the wire regardless of being underground or not. I have used three of this style Ditek surge suppressor. Two were on aerial 5v data lines and one on a 24v fire alarm zone that was ran underground to the street water connection. I have not been back for this problem since, which is not a guarantee it will work, but each site had had this problem more than once before installing the suppressor. Make sure you have as short as possible connection to Earth ground (not electrical ground), no sharp bends, and minimum #14 wire.
Ano, I am interested in the opto-isolator. I have used them for data lines, but never a zone input. Do you know of one that supports this while preserving supervision?
Another (cheap) way to do this is to isolate the protection zones from the devices using a relay. This would disable the EOL supervision however.