I can buy the "admiring from afar" bit. I think he really likes her and respects her, and the feeling is mutual, but I don't think there's ever anything between them.

Ed was invited to join Taylor's Red Tour as an opening act, but he was trying to decide between that or writing his next album after +. He calls Elton John, who acted as Ed's manager and mentor, to ask his opinion. John advised him to go on the tour, saying it was a "no-brainer". And guess what, Ed did the tour, wrote x in the meantime and it was a massive success.

So to some extent I think he's grateful to Taylor for the opportunity that probably taught him a lot, but that's it.