Pinky, before attempting to slay the dragon, yells, "Leeroy Jenkins!" This was the battle cry of a famous World of Warcraft player who went rogue on a meticulously planned raid ruining for all involved.
The dragon Benedict is a reference to Benedict Cumberbatch voicing the dragon Smaug in the Hobbit movies
The episode won an Emmy Award for Outstanding Original Song for a Preschool, Children's or Animated Program - Suffragette City.
The Cyclops is an obvious caricature of Donald Trump, while the Dragon is performed as an impression of Hans Conried, a frequent cartoon voice artist most notable for Captain Hook and Snidely Whiplash.