It's like a red circle under her eye. The inside of her eye looks fine! She just woke up w/ it this morning. When she rubs it she says it's sore, but otherwise, it doesn't seem to hurt her. What could this be?

It could be Eczema or contact dermatitis. If hydrocortisone cream and moisturizers do not take care of it, or, if its appearance worsens, see a Doctor.