Nissin's ads depicted the Japanese tennis champ with a much whiter skin tone and a narrower nose.
The tennis star thinks Maria Sharapova "might be perceived by the public as nicer."
The Briton has suffered with injury this year.
Sharapova beat Roberta Vinci upon her return from her doping ban on Wednesday.
Williams won her 23rd Grand Slam singles title at the Australian Open in January, when she was already close to two months pregnant.
Serena defeats sister Venus at the Australian Open.
Four all-time tennis greats will clash this weekend in the Australian Open finals.
The sisters last contested the Wimbledon 2009 final.
They last met in a Grand Slam final in 2011.
Novak Djokovic lost his last Grand Slam match as a man in his 20s, opening up more questions about how he'll fare in his next decade.
Djokovic was the second seed in Melbourne.
Federer has not played a Grand Slam since Wimbledon 2016.
Wawrinka won his first Grand Slam at 28.
This is Murray's first Grand Slam as world number one.
Wawrinka, the world number four, has a good head-to-head record against Murray.
Williams is tied with Steffi Graf on 22 Grand Slam singles titles.
The All England Club could make the decision in the wake of two-year drugs ban.
The World Anti-Doping Agency has backtracked over a lack of scientific evidence.
Nils Usakovs has been using the positive test for publicity.
The Spaniard eventually progressed to the quarter-finals.
It is a substance meant for patients with heart conditions.