I think either could be used; I believe there's a slight difference. Speaking from my own point of view:
If I were telling a person about a specific conversation I had had with the woman, I would probably use the past tense for both verbs: She said she loved you. (Meaning: That's what she told me at that time.)
If I had spoken often to the woman and she had expressed that opinion on several recent occasions, I'd probably use the present tense for both verbs: She says she loves you.