T.,
My 3 year old was born with severe club feet so in the process of getting her feet fixed I learned a fair amount about feet. Are you saying that her foot actually points in when she stands? There could be several issues here, and pediatricians don't usually have the ability to even assess foot issues, so I would definitely recommend seeing a pediatric orthopedic, not a podiatrist or a pediatrician.
One issue could be tibial torsion, where the tibia isn't aligned properly and causes the foot to turn in at the ankle. Another issue could be a loose tendon or lengthened tendon that is allowing for too much movement at the ankle.
If it seems to be less of an issue at the ankle and more in the forefoot, it could be Metatarsis Adductus (MA). This is a condition in which the forefoot bones aren't properly aligned, sometimes caused by improper tendon length.
It could be a problem with a high arch, but you would be able to see that pretty clearly.
It is entirely possible that it is one of these conditions, and they usually correct themselves over time...and it could also just be part of the learning process...or it could be something entirely different, maybe even an alignment problem at the hip. If I were you and if you are seriously thinking this is a problem, then I would see a specialist. If you live in New York State I know of several highly qualified pediatric orthopedics, both near the city and upstate, and I would be happy to let you know who they are, so feel free to contact me. I also have access to a list of highly qualified docs all over the country, so I can help you no matter where you live.
D.