It is valid in that you are indeed pulling out one portion of her comments and pretending there were no others.
"Whether born from experience or inherent physiological or cultural differences, a possibility I abhor less or discount less than my colleague Judge Cedarbaum, our gender and national origins may and will make a difference in our judging. Justice [Sandra Day] O’Connor has often been cited as saying that a wise old man and wise old woman will reach the same conclusion in deciding cases…I am also not so sure that I agree with the statement. First, as Professor [Martha] Minnow has noted, there can never be a universal definition of wise. Second, I would hope that a wise Latina woman with the richness of her experience would more often than not reach a better conclusion than a white male who hasn’t lived that life. "
Now I know you want to see racism in that bolded portion, but given her comments prior to that portion I would disagree. I think she is trying to say that people are not going to be as clear cut as O'Connor stated. That they are going to be effected by what has occured over the course of their lives. That she hopes she would be better at dealing with issues that were a part of her life and not a part of a white mans. My guess is that she is alluding to the fact that she is hispanic and obviously female. That issues of discrimination/racism most likely are not going to be viewed the same by a person who has lived it vs. a person who typically has only read about it or experienced it second hand.