I've often thought about this myself. It's hard to say whether the two are really the same artifact; on one hand, the similar shape and style suggests a relation between the two, but on the other hand, color-wise, it looks nothing like the goddesses' spells from
OoT.
I don't know...I'm kinda leaning towards not. My guess is that someone else probably crafted
TWW's Magic Armor in a similar style to the goddesses' spells, hence the similar shape.