Using Find my iPhone to track my daughters phone
Only the main Apple ID on the device (the one that has iCloud backups available) is available to log in to Find my iPhone. Any secondary iCloud accounts added to the device can not be used to track the device.

If she doesn't mind that her Apple ID won't be the main one, then yes, you can set it up with your Apple ID as the main one and that will work fine.

Also, if she doesn't mind, you can log in with her Apple ID.

If not, you can use Find my Friends since this works across multiple Apple IDs.