I think so. Beautiful describes someone whose beauty defines their personality inside and out. That is what they'll be known for their whole life. Pretty, on the other hand, is a heat of the moment kind of a thing that focuses on how well dressed or flawless beauty the person has.
Beauty is what is on the outside and yet reaches all the way into the depths of the soul. Whereas, pretty is only an outwards appearance which can be cosmetically enhanced and yet, beauty comes from within.
Pretty much what everyone else has said already. Pretty is solely a physical thing. You don't say someone's personality is pretty or they have a pretty soul, like you do when you call someone beautiful. Even if someone is "ugly" on the outside, they can still be called beautiful if they're a good person.
