No, Rosalina is a brand new character. By "relations", she technically mother to the Lumas, and is friends with most people in the Mario universe (most likely those in Mario Kart Wii, as it was her first spin-off appearence.)
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Originally, the developers at Nintendo had intended for the two to be related, but eventually decided against it. This can easily be seen by common physical traits between the two and between Peach and Rosalina's mother, as seen within the storybook of Super Mario Galaxy.
No.
Originally, the developers at Nintendo had intended for the two to be related, but eventually decided against it. This can easily be seen by common physical traits between the two and between Peach and Rosalina's mother, as seen within the storybook of Super Mario Galaxy.