"London, located on the River Thames, is the capital of England."

We know that there is an omission of 'which is' and it is a reduced relative clause, but I would like to know if we can call "located on..." a participle phrase or a participle construction? I think ,in the end, the form left after reducing is the same with the form of participle phrase. So they means the same. What do experts think about it? Thank you so much.