Translation:My daughter-in-law is the beautiful and tall one.
I don't think the meaning would be the same, because to me, this one means you are looking at a bunch of women and saying which one is yours. I was going to say, however, that in English, we wouldn't use the "and." We would say, " My daughter is the beautiful, tall one" (or, more probably, "My daughter is the tall, beautiful one").
In English it would be more natural to put the longer adjective at the end ("tall and beautiful" rather than "beautiful and tall")
To specify something. e.g. "that is", "which is", "who is", "is the one that is", etc... "Kucing yang kecil" - the cat that is small. "Perempuan yang cantik" - the girl who is pretty. "Siapa yang mau nasi?" - "Who is the one that wants rice?" "Makanan yang manis" - the food that is sweet (rather than "makanan manis" - sweet food".
So, to try to fit "yang" into some English examples:
"I wanted the one yang red".
"I like the cat yang small."
"I don't want yang ugly."
That's my easiest explanation, but I can't think of how to phrase it less clumsily... I hope I haven't made it more confusing... >.