The Luffy-Mihawk scene is CoC and AdCoO. Mihawk gave off a CoC stare to scare Luffy who in turn subconsciously turned on future sight. Mihawk even remarked Luffy was surprisingly calm, i.e. requirement for future sight.
Regarding his eyes who knows, Mihawk might just be a World Noble with a special blood line. There used to be a very interesting theory about Doflamingo, Mihawk and Blueno all having the same bracelet. It could be fashion but it could also be something connecting them to each other as Tenryuubito.
It correlates with times of extreme emotion more than combat. But there are quite a few shots of BM's eyes looking bizarre during combat. It seems like we see panels focusing on Zoro's eyes pretty often, too.
It's time for Ring Eye Roundup! Here are all the characters who have been shown to have ringed eyes. Please add any if I've missed any characters.
Note that Mihawk and Imu are the only ones who have red ringed eyes in the official colored version
MIHAWK
Ch 50:
Official colored:
Anime:
X DRAKE
Ch 509:
Official Colored:
Anime:
But he doesn't have them in Ch 998?
CARIBOU
Ch 600
Official colored:
Anime:
CAESAR (possibly only had ringed eyes in this scene)
Ch 675:
Official colored: (vol 68 cover)
Anime:
HAKUBA
Ch 773:
Official colored:
Anime:
ZUNESHA
Ch 821:
Official colored:
Anime:
BIG MOM (she also gets spiral eyes a few times)
Ch 863:
Official colored:
Anime:
The anime also added this when the cake was destroyed:
IMU
Ch 908:
Official colored:
Anime:
SERAPHIM MIHAWK
As a general rule, I think ringed eyes are just a design choice by Oda to show us that a character is mentally unstable, super intense, wild like an animal, etc.
I don't count eyes like these btw
I think Mihawk's eyes are ringed to symbolize that he has a constant release Zanpakuto is always that intense. He's just on another level.
The thing that makes Mihawk's eyes different, though, is Mihawk's Eyes Have Powers
We see him zoom-in on Luffy at MF. This is an actual ability hawks have in real life!
Also in MF, he seems to use his eyes to show Luffy what would happen if Luffy attacked.
Finally, the Taka no Tot having ringed eyes means that Mihawk's eyes aren't from a hawk DF, unless Vegapunk is reproducing all the warlords' fruits to give to the Seraphim. Ringed eyes must be part of Mihawk's chromosomes.
So,
What significance do you think ringed eyes have in OP?
Does Mihawk have special eyes?
Does Imu also have some kind of eye power?
Why did the anime change Mihawk's beautiful red eyes and why should we only support red-eyed fanart?
What do you think about Seraphim eyes? Does Kid-Miho have zoom-in abilities?
We've seen Zunesha do something with the ringed eye too, no reason to assume someone called "hawkeyes" and has a "clairvoyent" epithet cannot do the same
Zunesha also used something similar with Momo, look how she opens her eye in the panel I marked, only then could Momo see Jack
This is probably a form of ACoO as I doubt Zunesha has CoC, plus Shanks being CoO killer makes me think he had to develop this ability to keep up with Mihawk back in the days.
I'm not 100% sure, but I would Mihawk and Imu are the only ones who consistently have a specific focus on their eyes. Kata has a few panels of interest tho. Maybe a Kata stan can chime in, but idk who to tag.
Maybe this is the reason why Mihawk didn't get his feats yet because he has similar Red eyed powers like Imu (advanced level future sight is my guess) so they want to leave that later when Imu is revealed.
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when you combine that with 
