No, it is not. Ash Wednesday is actually of pagan origin and was admitted into the church beliefs of the Catholic Church a few hundred years after Christ. This was the era when Constantine was attempting to weld pagans and Christians into a unit within the Roman kingdom.
Ash Wednesday is the first day of Lent. Roman Catholic churches of the Latin Rite use this service to prepare themselves for the passion and resurrection of Christ through self-examination, repentance, prayer, fasting, and self-denial. Ashes from the burned palms of the preceding year's Palm Sunday are blessed. With these ashes, the priest marks a cross on the foreheads of those who come forward and kneel, saying, "Remember, man, that dust thou art, and unto dust thou shalt return." (Genesis 3:19 KJV) From Biblical times, sprinkling oneself with ashes has been a mark of sorrow for sin. Those who honor Ash Wednesday add to this meaning of penance a second point; the need to prepare for a holy death. The churches of the Anglican Communion, as well as some other Protestant churches observe this day. Eastern Rite churches do not. Their Lent begins on the preceding Monday.