Formal:
* Voici ma petite-fille. (This is my granddaughter.)
* C'est ma petite-fille. (This is my granddaughter.)
Informal:
* C'est ma filleule. (This is my granddaughter.) *This is more common if you are talking to someone who knows your granddaughter.*
* Voilà ma petite-fille. (Here is my granddaughter.)
You can also use the diminutive "petite-fille" (little girl) to emphasize that she's young and cute.
Remember, the best way to say it depends on the context of the situation.