Dina, no a stitch regulator and a walking foot are two different things.
A walking foot works like feed dogs on the top layer of fabric to be sure it is feeding through at the same rate as the bottom layer.
A stitch regulator is usually used when your feed dogs are NOT engaged - when doing free motion work. Then it helps keep the stitch length even. So no matter how fast or slow you move the fabric, you will always get the same size stitch.