Absolutely not. It simply isn't the same as a Wii's controller. It can sense movement in 3D, but it just can't detect it's position.
The Dreamcast has the ability to have up to (iirc) 6 different analog inputs (inputs with 256 different positions possible). The fishing controller maps some of these to accelerometers.
The biggest difference is that the wiimote can be used as a lightgun or a pointing device as sort, and this can't really.