Is a 197 on the PSAT enough for National Hispanic Scholar Recognition?

That may be high enough, though I'm not too familiar with the National Hispanic Scholar program. You've almost made Commended for regular National Merit Scholar, so I imagine that you should be able to make it for National Hispanic Scholar. On the College Board website, it says that "each year, the NHRP identifies nearly 5,000 of the highest-scoring students (from a nationwide total of more than 200,000 juniors) in the United States and U.S. Territories who take the PSAT/NMSQT and designate themselves as Hispanic/Latino". So by that, you'd need to be around the top 2.5% of Hispanic students in your state. Given your overall state percentile (though I didn't know they gave state percentiles, except on the online score report, but that's not available yet. Are you sure that's not a national percentile? Because that could mean that you probably already in the top 2% or 3% in Oklahoma), I think your score should be high enough. Good luck!