When teaching my kids to cross the road, I tell them to look for oncoming cars and to make sure the driver can see them (by checking where they're looking) instead of trying to judge if there's sufficient space to cross safely.
Here in SF, if you look the driver in the eye, you have yielded the right of way to him. Even though state law gives the pedestrian the right of way when they are in a crosswalk.
Or did you mean the “eye contact yields right of way to the vehicle” bit?