Are there any blacksmith merchants who sell "master" level components?

I've been buying "Improved" and "Greater" tier components from merchants, especially the blacksmithing merchants in Rathir. I was hoping that once I got to the eastern continent I could find a merchant that sold "Master" tier components. However, there doesn't appear to be a merchant of this type in Mel Senshir, and the other couple of places I've come across (mostly Fae encampments) don't have them either.

Is there anywhere in the game I can buy Master (or better, if it exists?) weapon and armor components?

There is no place in game to buy a master or flawless componet for blacksmithing. There however is a few ways to increase your odds and getting one. Some people talk about master crafting an item with your junk, than turning around and breaking it a part and you may get a flawless that way.

The other way that I know that does seem to work, there are items that are found through the game that say "mastercrafted" though they are not items you made. These items give to have a lot better chance to giving flawless componets.

The last thing that is time consuming is you can save your guy everytime before you go to the blacksmith and salvage your equipment, if you dont like what you got reload and repeat. You will get different items, no garuntee that you will get better items.

Dont know if it is possible to get a master or flawless item from "oridanry" equipment (white name).

It's looking like the answer to this is no. Past Rathir, I did not encounter any dedicated blacksmith merchants. The gear stocked in Rathir appears to be the best available, so if you want Master/Flawless components, you'll just have to get lucky at the shops or while disassembling.