I think it is yeah, where the current bus stops are - that's Keppel Street (where you get off the bus outside the Post Office). Keppel Street leads into Chapter Row further up towards the Market/Ferry and then becomes Church Way or something like that. But's it pretty much all one long bus station anyway.
King Street is the one that is pedestrianised where the Metro Station sits above (between Market at north end and Morrisons at the south end).