Some would say that, yes. However, usually, "the rule of law" is thought of in opposition of "the rule of men". In a system where the rule of law is not followed, decision makers, such as a judge or official, are only restrained by how much political power they have. On the other hand, in a system that does follow the rule of law, they are constrained by applicable rules.
I hope this helps answer your question at least a little bit.