Yes the dame is part of the traditional British Pantomime show.
I don't know if they have such shows in the US.
I remember going to lots of them as a child in the UK. They are usually shown there around Christmas.
They are really cheesy stage shows, with lots of interaction from the audience.
There's always a dame, and the leading man is a woman.
There's usually a pantomime horse, and of course a villain who is always creeping up behind the hero, and then the kids in the audience have to shout to the hero, "He's behind you!"
Danny La Rue would be another actor that played pantomime dames.
Here's another
linkWow, just reading that link, and it says that Sir Ian McKellen played Widow Twankey in Aladdin in a recent production..makes sense I guess.