"Am I look dashing?" isn't correct. You did not hear it correctly.
"Am I looking dashing?" is possible.
"Do I look dashing?" is also possible, and more likely.
Neither is a common phrase. Both are natural phrases. Someone might say "Am I looking elegant?" "Do I look spiffy?" "Am I looking magnificent?" You can use any word that means "well dressed." In the phrase "Am I looking __________ " you can''t guess what word fills the blank.
"Dashing" is an interesting word choice. It means looking very fashionable and elegant. It is a light-hearted, joking thing to say. It suggests that it is surprising or unusual for the person to look that way.
Imagine a high school student going to the "prom" (a fancy dance at the end of senior year). He does not own a tuxedo (fancy suit). He rents a tuxedo. He puts it on. His mother might say, "My, don't you look dashing!" It both a compliment and a joke. It means "you don't usually wear that kind of suit" and "you look very well-dressed in that suit."
Similarly, a person who had just dressed up in something new and unusually fashionable might say to someone "Do I look dashing?" or "Am I looking dashing?" It is a "rhetorical question." He is expressing false doubt. He knows he looks good.