Not really. If he has no leads on where she is, he can't do anything.
He had access to Hawke in DA2, someone proven to be able to get just about anything done. If you don't enlist the help of someone like that, I can only surmise that there is no hope... which, to me, can only mean she is dead. Or at the least he believes her to be.
The one time you really get a chance to sit down and talk to anyone even in the Carta, not a single question is raised by Varric about her whereabouts. No mention of her in all the years Varric travels with Hawke. His personal storyline had nothing to do with her.
I simply can't believe that Varric spent the better part of a decade tooling around with Hawke, making jokes, enjoying life, going day-by-day, and carrying around the knowledge that the woman he loves is suffering in captivity somewhere. It just makes no sense to me.
I have to believe she is dead, or is genuinely believed to be by Varric. I can only see him being who he is with some sense of closure on that issue.