You could just use Fraction library.
But, if you would like to develop the algorithm, here is a suggestion:
from math import floor
from fractions import gcd
def func(v, tol=1e-4):
    """
    Don't handle negative values.
    Use binary search to find the fraction of a float.
    The algorithm is based in a very simple theorem: If a < b then a < (a+b)/2 < b.
    """
    f = v - floor(v)
    lo = (0, 1)
    hi = (1, 1)
    while True:
        # mid = (lo + hi)/2
        # if lo = a/b and hi = c/d, then mid = (ad+bc)/(2ad)
        mid = (lo[0]*hi[1] + hi[0]*lo[1], 2*lo[1]*hi[1])
        # gcd to reduce fraction
        k = gcd(mid[0], mid[1])
        mid = (mid[0]/k, mid[1]/k)
        d = 1.*mid[0]/mid[1]
        # are we close enough?
        if abs(f - d) < tol:
            break
        # if we are above our goal, get high to middle
        elif d > f:
            hi = mid
        # if we are under our goal, get lower to middle
        else:
            lo = mid
    # Add integer part
    mid = (mid[0] + int(floor(v))*mid[1], mid[1])
    # Debug comparing to Fraction library solution.
    #print v, mid, Fraction('%s' % v)
    return mid