Let's be realistic here people, kids start "pairing up" in elementary school even. It just looks different at each age and you have to decide what you are comfortable with and what the limits are.
Starting in later elementary school, kids will "date", "go out", "go together" or whatever they want to call becoming "boyfriend/girlfriend", but to them this is nothing more than a title and maybe some goofy internet chatting or texting. They don't actually go places together, and usually don't head into the physical realm (maybe the more advanced couples for that age are hand-holding, I don't know).
By the end of High School they go out a lot, alone and in groups, talk daily and can become very devoted and even start to be part of each others families.
So age 14 is going to fall somewhere in between there. You're not going to stop them from "dating" (whatever that means to them), but if you're talking actual dates, like what they are allowed to do and where they are allowed to go... I would not to leave them alone together just yet! :)
When you say "should I wait one more year?" I'm not sure what you are asking... one more year until you allow them to go on a date alone (yes, I would wait) or one more year til you even acknowledge she has a "boyfriend"? I don't think you can stop the romance now, they are sweet on each other no matter what you allow her to call it. But you do control what you allow them to do and how often they can see each other and in what environment.
Are they both in High School? If so, I say go ahead and let them be a couple, just monitor it, create the boundaries, and encourage your daughter to take it slow. Crushes, falling in "love", and trying out relationships are all normal parts of teenage life! If they are still in Jr. High, however, I would hold them back a bit longer and try to keep it just a cute, superficial kind of thing.