You're kind of missing some info. All bikes are not built with the same geometry, so you will find some 54cms will be too big, and some may be too small. It's kind of like saying you're a size 4 in jeans, and expecting Gap jeans will fit the same as Calvin Kleins.

I think 54cm sounds big, because I'm 5'5", and I ride a 50cm and a 48cm, both from the same frame maker, but it's not out of the realm of possiblity that a lot of frames in that size will fit you. Also, if you're thinking of a cross frame, the geometry of those run extra big to make room for the mud.

We have some amazing bike builders on this forum who may chime in, and a lot of experienced fitters, which I am not. I just know for sure you may end up with a completely ill fitting bike if you just go by that size. I know that complicates things, but I hope it helps in the long run!