This has been thoroughly discussed already in different threads, and even more thoroughly in the Zelda-article on the front page. :p
IMO, yes, I think she very well might be. Kind of a no-brainer, if you look at it, and the fact that Miyamoto when he showed the artwork specifically pointed out that Link was not holding a sword.
Nintendo Network ID: Cheebee 3DS Code: 2320 - 6113 - 9046