The film, a wild-eyed romantic fantasy, is one of those cinema experiences that nobody ever forgets. Here's a nice appreciation by somebody who ranks it highly indeed in the cinema pantheon:

www.thecityreview.com/redshoes.html

And, yes, the movie often makes one think of Rozsa. It originated as an Alexander Korda project, and the impressario character has something of Korda in him. The art director could easily have been modeled on Vincent Korda. One can even imagine the eager young Miklos Rozsa of the Thief of Bagdad period in the role of the aspiring composer Julian Craston. Indeed, Rozsa might have wound up scoring the The Red Shoes had he returned to England with the Kordas in 1942. Brian Easdale got the job and won an Oscar for his music. But as director Michael Powell later admitted, none of the magic would have worked without Moira Shearer's special luminosity.