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Nope. The 4.6L is 281 ci and the 5.4L is 330ci. And the "triton" means its a modular engine, the engine is made of "modules" that are similiar thoughout the family of engines.
In the F-150, the 4.6L V-8 was rated at 210hp in 1997, 220hp in '98, and I believe 231hp 1999-present. The last year of the 351 V-8 in the F-series was 1997 (1996 for the F-150) and it made 210 hp that year. The 351 V-8 had superior torque numbers, but the 4.6L matches or beats it's horsepower numbers on paper.