Give each device a static address, and set the default gateway to whatever's on the other end of the cable. You might need a crossover cable, but most NICs can work using a straight-through.
E.g. set the laptop's address to 169.254.1.1/16
and default gateway to 169.254.1.2
, and the RPi's address to 169.254.1.2/16
and default gateway to 169.254.1.1
. They should be able to talk to each other then.
If those addresses seem familiar - Windows uses the 169.254.0.0/16 subnet to automatically assign random addresses if DHCP fails, so that if there are several computers in the subnet, they'll at least have addresses that can talk to each other. It's called APIPA in Windows, and Zeroconf in the Unixverse.