Is there an etymological connection between these two words that share a similar meaning? And also, do they share the same meaning?
They share a common origin as said in the comments. However, freuen is a verb, froh is an adjective.
Also the meanings are slightly different:
Ich freue mich über .../Ich freue mich auf ...
I am happy ... /I'm looking forward to ...
Ich bin froh
I am glad
Yes they share the same meaning, but both words are used differently:
Ich freue mich, dass die Sonne scheint.
Ich bin froh, dass die Sonne scheint.
Just because nobody mentioned it: 'freuen' is a verb and 'froh' an adjective.
And no, it's raining :(