@chrisking,
DrewDad is correct in stating that both expressions are acceptable. However, there is a subtle difference in the meaning, depending on which one is used. In
the sentence "There is a brother and sister," the pair are being referred to as a unit, almost inseparable. In other words, 'brother' and 'sister', put together make up this duo. In the sentence "There are a brother and sister," the implication is that the two are quite distinct and separate persons.
It's very subtle but the difference is there. As far as proper grammar, you can use either expresion.