Becs - great question - and I hope Angie weighs in on this one too - maybe even good fodder for a blog post! I think it's a question us petite girls ask all the time, because the standard advice is that we should wear less accessories, and they should all be delicate and dainty like our stature. I have come to disagree!
In my opinion, the most critical factor isn't less - it's that accessories simply need to be scaled right.
For example, I love the oversized bag look.... but I have to be careful because at 5'0" most oversized bags are wayyyy to oversized for me!! But if you are a persistent shopper, you can find bags that give that oversized look. It's all about scale.
Necklaces are particularly difficult for me because my neck is short and the distance between shoulder and bra band is the shortest part of my frame. For the longest time, I wouldn't even bother. Long necklaces would hit my belt line (eek -exactly at my trouble zone! who wants that??) and shorter ones would hit below my shirt line, making no sense.
However, necklaces can be taken to a jeweler and shortened. I am simply too lazy to do this!! I have been known to simply tie a knot in the necklace in the back, to shorten it up so it hits the right place. Or if it has links, link it and tuck the extra length under back of my shirt so nobody notices. Angie has tipped me off to Ann Taylor - their necklaces are highly adjustable whether you are short or tall. I have great luck there.
Statement necklaces - like oversized pearls - can definetly work, again, it's all about scale.
Right now I'm on a necklace jag - so I wear a statement necklace and stick to simple understated studs or tiny hoops for the earrings. But before that I was big into earrings.
Again, scale is really important: I can't wear certain earrings because they will be so long, they will actually sweep my shoulder and look completely silly. But persistence pays off, and you can get that long dangly earring look - just has to be the right scale.
Even though I don't wear them myself, I think oversized watches work on everyone - and work esp well if you are dainty with dainty wrists! But you need to try them on, may need to remove links etc or poke extra holes to get them to fit.
Belts are a lot of fun (and I can't believe I'm saying that, because for decades I passed them up). You'd be surprised what you can get away with, even if you have a small frame. You need not stick to thin belts (although those are fun too).
Scarves are trickiest for me and again it's about scale. A pashmina is too enormous and too much fabric for me to pull off. I've tried and tried... and given up. But I'm finding that something in silk/cotton that is rectangular shaped - that can be wrapped around the neck a few times - works well.
I have a bracelet collection too, but have been so into necklaces lately, they haven't seen as much wear. I do have chunky bracelets - not just dainty ones.
