The program exists and is described on the ed.gov website. (Sorry, I’m on my phone and haven’t figured out how to copy a link yet.) A search for “Principal’s Ambassador Fellowship” will give you direct links to it.
Announcing the Principal Ambassador Fellowship | ED.gov Blog *
http://www.ed.gov/blog/2013/06/announcing-the-principal-ambassador-fellowship/ - Proxy - Highlight
As the Principal Ambassador Fellowship is just getting underway, ED is only considering Campus Principal Ambassador Fellows for 2013-2014.
Principal Ambassador Fellowship - MESPA *
http://www.mespa.net/Principal_Ambassador_Fellowship.html - Proxy - Highlight
Announcing the Principal Ambassador Fellowship (Alexandria, VA — April 24, 2013) ... “provide input on policy from the principal’s perspective.” ...