It is, in a very loose way. The setting is current age. A young Chinese-American woman from San Francisco gets fed of her family, specially her mom, and when they are in China she runs and ends in a Shaolin Temple, with a female Teacher and female monks with amazing warrior skills. I know, it's silly. But if you can roll with it, the rest is fine, because after an attack (ninjas!) that destroys the temple, kills the Master and steals a Very Important and May Be Supernatural sword, our lead goes back home. And she has an interesting family, an interesting ex, a new possible romantic interest...
So, you see, the only things in common with the David Carradine one was Shaolin, Shaolin master, San Francisco and a generic Search for Justice Quest.
It's a very new show, it is not weird that you don't know it about it. Every time I see an Arrowverse show, they promote "Kung-fu", so I decided to try it