No, it doesn't take any other stats on the gear into account. Which is a shame ...
So for example ... I'm playing an Ice Sorceror using Frost Nova & Ice Shards. A staff with 500 DPS,+7.5% cold damage and +2 Ice Shard skill rank would be better for me than a staff with 510 DPS, +15 intelligence and +10% fire damage.
You need to quickly scan the additional stats and have a good idea what stats work for your build. Just going by DPS/raw attack power could severely undermine your character's potential.