Of course, it will indeed be set in the same universe as its two preceding superhero shows, and by the looks of it will probably even cross over (though only on the animated side, for now). In short, the series is about a girl named Mari McCabe, known as Vixen, who inherits the Tantu Totem from her parents after they are killed. Using this totem, she is able to harness the power of any animal (eg. a gorilla's strength, cheetah's speed etc.) and uses it to fight greed and corruption, like that which killed her family.
As I mentioned, the web series will in fact be animated, but many are speculating that perhaps this will be a precursor to an appearance on either Arrow or The Flash, so who knows? Maybe! It'd definitely be interesting to see such character and her powers on either show!