Setting up DBLink between two Sybase Databases
I think it's a terminology problem. SQLA has the concept of a Remote Server - which could be Oracle, MS SQL Server or another SQLA database. Once you have set up a Remote Server, then you can set up remote tables etc.

It doesn't make any difference to the way you use it whether the other SQLA database is on the same database engine, another engine on the same server or a completely different server. Don't forget that SQLA has no concept of a Master database, every database is autonomous.

There are a lot of details for v12.0.1 at this URL : http://dcx.sybase.com/index.html#1201/en/dbusage/ug-accessrd.html

In Sybase Central you will see an entry for Remote Servers in the object tree. The SQL commands are CREATE SERVER and CREATE EXISTING TABLE. 

If you have problems it would be worth asking on the dedicated SQLA site: http://sqlanywhere-forum.sap.com/