yes! (although it seems that "esse" here is something near the speaker too)...
Let me try if I understand. You point to a glass (or bottle) of wine with to the person that is sitting opposite of you at the table. You would have to say "esse vinho", right? If the wine was with you, you would say "este vinho"? I guess in English you would say "this' in the latter case, but you could use both "this" and "that" in the former case. At least that's what I do, also in my own language. I don't make much difference between "this" and "that" for things that are relatively nearby.
While the meanings are very similar, that is a different grammatical construction and shouldn't be *accepted.
That wine is Argentinian = Esse vinho é argentino.
That is Argentinian wine = Esse é vinho argentino. "