The short answer: No. Kettlebells and dumbbells are simply different.
For example, a small study by California State University found that after only six weeks of training, a group that worked out with free weights was able to squat an average of 18 pounds more than a group that trained with kettlebells. The results were consistent when comparing the upper body strength of the two groups as well. [Source: Men's Health].
If you are solely interested in building strength and muscle power, stick to the free weights, but if you are looking for a way to burn fat while increasing muscular and cardiovascular endurance, kettlebells are the workout tools for you.
For a basic weight training regimen for women, give this workout a try.