The trim looks like what I call "ball fringe." I agree that your dress is 1950's and I think you've described it well, although I think of an empire waist as having a waistline that actually falls from where the bow is, so maybe say something like, "fitted bodice, with princess seams and a decorative bow beneath the bustline, giving an illusion of an empire line" - or something like that. It's very pretty dress!