Yup. It was more or less from the Vedic-derived cultures and religions.
Also, looking at the info Arek posted, you might find that the Sephiroth Tree had stronger reference in Tales of the Abyss - specifically in terms of town names.
It's cute how people think that Square invented stuff like Ifrit, Undine, Masamune, Fenrir, Ragnarok, etc. and then get all up in arms when they see them used in other games.
Oh, and FF6 has an amazing soundtrack.