Nope, although you are geographically close (it did take place in the Mediterranean), neither Austria-Hungary nor Italy participated in the battle. As far as I know, Wikipedia has a page of this battle only in one language (not English). As an extra hint, you can notice that the ships actually wave very similar, or maybe even identical flags. The reason for this was German interventionism...
EDIT: An additional tip, because the battle is admittedly quite obscure. As you can see from the flags, one of the belligerent (the victorious one actually) is the First and remarkably short-lived Spanish Republic.