Those sprites are clearly from a NES game, but Panic in Nakayoshi World was a SNES game. I did some research and the sprites are indeed from a NES game called Nakayoshi to Issho. The blond haired girl in the game doesn't have a name, the player names her before the game starts so she's basically just the player's avatar. She transforms into a Sailor when you use the the Wand Item in the game.
Here's a full play through of an English translation of the game if you're interested. https://www.youtube.com/watch?v=n7EorreZcIw