She is located at the fairy village in the NW corner of the zone. She's an uncommon spawn, her PH is "a fairy guard". She is part of the Raincaller Bow quest. You do not need to kill her placeholders in order to get her to spawn. Princess Joleena and a faerie guard share a spawn point by Geaheart. At 7am and 7pm game time, either she or the placeholder will despawn and then either she or her placeholder will respawn at 9am/9pm game time. Just sit and watch the spawns until she's back up. It is reported that if the placeholder or Princess Joleena is not "up" at 7am/pm to despawn, that cycle will be skipped and you have to wait twice as long.
Info from: Draygar Stormbow Guardian of the Glade on the Rathe