Red rash? What is this? Help!

To me (and keep in mind I am in no way a professional) it looks like an ant bite. Looking at the picture, it seems there is a tiny "head" in the middle of the area; also, the skin toward the fingers is redder than the rest of the skin. If this is a critter bite, she seems to have a light allergic reaction to it (that could also explain the "hot spot" like area around the bite, especially seeing where it is located). 

Since from what you say, the area is not oozy and it is not bothering her, you could give it a couple more days and see wether it clears out or you could give her some Benadryl (regular allergy tablets, 1 mg per lb, 2 to 4 times a day) for a couple of days to help with the possible allergic reaction.

If this area grows quickly or if the area around it become swollen, hot to the touch or any redder, I would  go to the vet. 

Bacitracin is a good choice -- so would a tiny dot of tea tree oil or lavender oil - maybe do one morning and the other at night if you are so inclined.  (we're covering all the bases here of disinfectant, fungal, bacterial)  The other good thing would be fresh aloe if you can find a plant.  If you don't know how to harvest the 'goo' from the inside let me know- it's easy.  messy, yes but easy.

I have to second the Benedryl *just in case* it is a bite of some sort.  But it could also have been a contact allergy of some sort -- some plant or leaf she brushed against (or tromped thru) that was an irritant. 

 Thanks for the replies. I didn't have the Benadryl tablets, we have the quick dissolve paper things (like the listerine ones) and they're listed at 25 mg per sheet. We gave her one of those and she started pacing around quite a bit and then just totally crashed and went to sleep so I guess the "may cause drowsiness" warning is accurate!  On the Bacitracin tube, it says to call poison control if ingested, so what if she licks it off while I'm asleep? Is it really that bad? I mean, how can you use it as an ointment but it can't go in your mouth? Doesn't make sense...

Could be a bull's eye lesion which is a bacterial infection. The amount ingested is unlikely to be problematic and you could always try and cover it with gauze and vet wrap for short periods.  I would head off to the vet for diagnosis and meds soon.

The tiny amount on the surface isn't a problem, but dogs LOVE LOVE LOVE the mineral oil/petrolatum base of such stuff so mostly the warning applies if the dog gets hold of the WHOLE TUBE and eats it.

If Benedryl hits the system too fast it can make your mouth go to sleep.  Just make sure those strips don't have xylitol in them.