Short answer, No. Long answer, a fault indicates that either one or none of the sensors on your vehicle are being monitored. Or the module for the system has an issue. A low pressure light means just that. One or more of your tires are registering a low pressure. However that could also mean that there is a fault with a sensor, in that it is sending the wrong pressure reading to the control module. But being that the module is still receiving a signal albeit a wrong signal it thinks that everything in the system is fine with the exception of that tire being low. Hope that helps.