Unless you are her boss and her dress is inappropriate, or you are her boyfriend and she asks your opinion then she will not thank you for expressing an opinion or judging her.
Agreed! But I'm serious. I've stopped dressing so provocativly because a guy I really liked was uncomfortable with it. Really. But he just talked to me. He just told me that he loves the way I dress but he would like a little covering. And I did it while I was dating him and it stayed with me till I was married to him. Still am married to him. But I really respected his opinion and if he was uncomfortable, then I was uncomfortable. Even today, when we go out and I wear something he doesn't really like, he'll say "Am I gonna get in a fight tonight with another guy?" And then I go change. I like to be seen as attractive but I don't like to be gawked at like I used to be when I was single.
But if it bothers you that much, just talk to her as an adult and MAKE IT TACTFUL! Seriously. As soon as you say something negative about the situation, she's gone.
I heard a great definition of tactful. It is "To make someone feel at home even though you wish they were."
Make her feel at home in the conversation and that the conversation isn't about her cleavage (because, be honest, it's about you and your lack of self esteem about her feelings to you and your relationship). But if she respects you, chances are, she'll change.