It certainly sounds like a female holding a small clutch of eggs. As long as she is not getting harrassed by the other fish, she should be alright, although it wouldn't be a bad idea to move her to another tank after she drops the clutch so she will have time to regain some weight before your male starts trying to do his thing again.
If there are enough hiding spots in your tank, don't be surprised if some of the babies survive. I had a trio of electric yellows in my 100 several years back and by the time I tore down the tank to move, I had roughly 30 babies from 1" to 2" that had survived.