That part is certainly evidence. What she says she said is certainly evidence. What she says Trayvon says can be challenged depending on what she says he said.
What I wonder is when this young woman will be invited to the Nancy Grace show ~ they have something in common ~
Testimony can always be challenged. But, the reason for the challenge will determine whether it is sustained or overruled.
If you're saying that the testimony can be challenged because it's hearsay, then I defy you to provide an authoritative cite that supports your assertion, i.e.: someone on the phone cannot testify about what the other party on the phone said to them.