I'm with the others, of course; the faeries weren't faeries but Squall and company, obviously. ...All jokes about Squall's coat aside.

Actually, as far as I know, aren't faerie wings different than the white, feathery wings that Rinoa displays (more like angel wings, like Unknowns mentioned)? Just, in popular myth, their wings tend to be thinner than that. I don't think that fairies and sorceresses have any particular link.

...However, given the lines at Trabia ('A gift from the faeries') and that Laguna would think to call something like the Junctions 'faeries', I think we could easily say that faeries are a popular part of the FF8 world's mythologies--not that that affects much, but it might be a little touch that better fleshes out the world.