I'm not entirely sure which specific 'pale blue eyes' you are referring to. It could be a song, a character in a story, or something else. If it's the Velvet Underground song 'Pale Blue Eyes', it was written by Lou Reed. The song might be about a relationship or a person he knew, with the 'pale blue eyes' being a distinct feature of that individual.
I don't think it is. 'Pale Blue Eyes' seems to be more of a work of artistic expression than a retelling of actual events. Songwriters often draw from various inspirations to craft their compositions, not necessarily from true stories.
Pale Blue Eyes is not based on a true story. It's likely the product of the author's imagination or a fictional concept developed for artistic purposes.