That is unclear at this point. Near the end, he sinks in the Sea, but the only notable change was that his 'color' turned from orange to white. Thus, it may mean he is not dead, but in a suspended state of being. Nevertheless, that's up for you to decide, but I believe he is still alive...Sorry for the roundabout explanation.
I think that since his color reverted back to white, that means that he's still alive. And since Clu and Flynn died, he's the only one left to be in charge of the grid. But that's only if you look at it from a positive view.
TRD:
Tron snaps out of his Rinzler programing when he sees Kevin Flynn. His colors turn back to white when he hits the sea of simulation. No one knows if the entire Grid derezzed with the white flash created by CLU and Flynn.
^^
After trading sides from Clu to Flynn he sinks into the Sea of Simulation. Flynn then absorbed Clu back inside himself that then derezzed everything that Flynn created in the grid. But, Tron was never made by Flynn. I personally believe he's alive because supposedly when Clu was absorbed only things Flynn created was destroyed.
Chat with our AI personalities
If you are referring to the movie TRON: Legacy, than yes, the henchman Rinzler is Tron from the first movie. He got re-programmed by CLU to serve him. In the new movie it shows how he got his two disks in a flash back by Kevin Flynn.
Bruce Boxleitner plays both Tron and Tron's user Alan Bradley. Boxleitner is known for his role as Captain John Sheridan in the t.v. series Babylon 5 and as the secret agent Lee Stetson in the t.v. series Scarecrow and Mrs. King. Check them out if you get the chance because they are awesome shows.
Quorra is an ISO (Isomorphic Algorithm) Program in the Grid, from the movie Tron Legacy. She is the last ISO and was saved by Kevin Flynn during Clu's great purge.
Renzler
The word Tron in Neon Blue letters in the movie Tron legacy