This would entirely depend on where the connection is being established from and where the connection is being established to.
If either end is in the hands of someone for example, in a distributed client, then they will be able to get hold of the connection details. Typically however, a connection is established "behind the scenes", something like from a web server to a database. Because a connection established like this is all "server side", the connection string is never visible to the "client" of the application and is therefore generally perceived to be safe - of course it is still at the mercy of the infrastructure! :)
It's worth nothing that if this is something like a thick client running on a domain then using something like Windows credentials is an option and would be as secure as the account.