No. It's completely different. Unlike System i, it's also fully documented (in the rather impenetrable "Principles of Operation" red book).
You might be confusing it with the AS/400 CISC ISA, which exists as an emulation layer on top of POWER, since all IBMi machines are almost identical to their POWER counterparts.
The AS/400 / 'i' are descendants of the System/38 and implement a "Technology Independent Machine Interface". Applications target this high-level interface, rather than the underlying hardware. Before first run (or when they're installed?) applications get compiled from abstract Machine Interface code to native code.