I do not know enough bout her to say whether this portrait represents Spanish or Spanish colonial style. The artist is emulating Sanchez Coello’s 1584 portrait of Isabel Clara Eugenia and Magdalena Ruiz.
María Luisa de Toledo's Spanish-language Wikipedia article is here. Her genealogical sketch is here.
From pinterest.com/akpark09/damas-españolas-siglo-xvii/. Also posted to the Iberian Dress in the Louis XIII and XIV Eras Album here.
Making and wearing sleeves this expanded was probably difficult. The basic style is Spanish tontillo. Spanish style uses stunning brocades.
Keywords: María Luisa de Toledo, marquesa de Melgar, de Toledo family, de Silva y Mendoza family, Marquise, long straight coiffure, hair ornaments, earrings, fitted bodice, lce modesty piece-bertha, off shoulder straight neckline, puffed paned virago sleeves, ruched arm bands, lace flared cuffs, ruched flared cuffs, deep vee waistline, full skirt, gloves, tontillo