No, if it was a wheel speed sensor, the ABS system would record the error, trip the light, and turn the system off. And then you'd essentially be driving a non-ABS system. If you disconnect the battery to reset the system, a hard-fault with a wheel speed sensor will set the light immediately, but an issue with how the pulse curve looks may only trip the light when you start driving.
Short of reading the codes, the (second) best way to test wheel speed sensors is to unplug them, and test the sensor side with a multimeter and measure resistance. I forget what the value should be, but all 4 should be somewhat similar. An open wheel speed sensor would set the light immediately and would be easy to find with a multi-meter. The best way to test is an oscilloscope where you can hook up to the wiring and turn the wheel and see what the pulse looks like. However, not many folks have a Oscilloscope kicking around.
I believe 1998+ went over to the module based DTC setup, so the jumper method that was previously used may not work for you. You really need a good scan tool that can read module DTC's or use ForScan. A regular OBD2 reader won't read module codes.
The above link shows all the module DTC's that could potentially be stored. If oyu don't have any friends with a scan tool, you can download ForScan (
www.forscan.org) and install the software on your computer. All you would need is some sort of PC to OBD2 interface. That will allow you to pull module DTC's.
Without pulling that code first, everything else is a guess. And as you can see by looking through those codes, a lot of them say to replace the ABS pump/Module.