Women have comparitively long legs, and short torsos, btw.
I always use the effective-top-tube measurement to guage size.
I'm 5'4" and ride a 16" Kona and a 15.5" Dialled… Kona has a 22" ETT measurement, and Dialled 23ish" ?? So I run a 40mm stem on the Dialled – I could probably get away with a little longer.
On an 456, for example, I could probably ride a 16" with a short stem (23" ETT), but would probably go for the 14" (21.5" ETT) where available
…and in road bikes I ride a 20" traditional geo, with a 21" TT.
In short, ignore the seat-tube measurement, and get something 22ish inches across the top. 😀
PS. I thought I should add: I've never owned a women's specific bike – always altered bikes to fit (shorter stems, etc)