With the object being named after her, it is was likely given because of how skilled she was in magic (and possibly was a witch).
Her use of a formal title suggests that she lived some time ago and/or possibly outside SimNation, as there is no evidence of such a title being recognised in the installations of the game set in the modern day. There is even the possibility that "Ravendancer" is a pseudonym or nickname for another member of the Goth clan, seeing as that it does not fit into the themes of naming in the rest of the family, which tend to be old-fashioned and classical rather than "gothic" in the modern sense. Her surname strongly indicates that she is a member of the Goth family, and two of the images posted to the store of the book being used in gameplay show Cornelia Goth, whose husband Gunther might be presumed to be a descendent of Lady Ravendancer.
However, despite her seemingly archaic context the main promotional render for the item in the store, which does not utilise a familiar character, shows an anonymous young woman in very modern clothing; there is no evidence, however, that she was necessarily intended to represent Lady Ravendancer herself.