Well, she seems to lack the normal hair and eye color of the Gerudo, but it's possible she lost those traits over the years. So yes, it's possible, although there don't seem to be any surviving Gerudo in TWW, so how there could be any in PH is unknown to me.
This is a theory. But it is likely. Timelinesplitter 07:26, May 15, 2012 (UTC)
To the first response. I thought she had red hair. Huh. I get what you mean with her eye color though. One thing. I asked if she was of Gerudo descent, not if she was a full blood Gerudo. I just thought that I could find out if I asked here since so many people on his site know more about Zelda than I do. Thanks to both the people who answered!
I remember her sister Joanne who dressed up like a mermaid said that she was simply dressing as a pirate.