It is. Actually the appearances of Derpy in the show are considered "where's waldo"-like, as stated on the mlp wikia page about Derpy:
...and later gave her "Where's Waldo" type cameo appearances...
Never got around playing this game, though
![x.x x.x](https://www.omnimaga.org/Smileys/classic/X_X.gif)
I should check it out some time but it's been a year since it was released and I haven't seen the original author at all as of lately.