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The Dragon's Eyes are a pair of fabled gems reputed to have telekinetic properties capable of protecting those who possessed them. 
The Dragon's Eyes came into the possession of Gu Mo the Bone Demon and were twisted to aid him in gaining control of the 15 Flaming Circles. The Eyes were used against Gu Mo by locking him into a golden dragon figurine like a primitive Containment Unit. They became something of a cursed object and were feared by those who believed in the legends. In 1997, the Eyes were mistakenly removed from the figurine by Jodi Chen to raise money to pay off racketeers known as the Jade Cobras. Gu Mo was released from his prison and proceeded to use the gems again to form the 15 Flaming Circles. The Ghostbusters reset their Particle Throwers to fire at 13.5 Gigacycles and nullified the Eyes. Michael Wu threw a rock and shattered them before Gu Mo could use the Eyes again.   Without an outlet for his power, Gu Mo left his host's body and was trapped.
The gems function as telekinetic transducers triggered by extreme emotions like fear or anger.  When the possessor is under attack and experiences such feelings, objects are moved by telekinesis or animated, until the possessor calms down. However, the gems can't be used if only people near the possessor are threatened. Gu Mo used them to manipulate waves of ecto charged green visible light to form the 15 Flaming Circles. 
- On page 18 of Ghostbusters Volume 2 Issue #2, the Dragon's Eyes statue makes a non-canon cameo on Dr. Cleese's bookshelf.
- On page 13 of Teenage Mutant Ninja Turtles/Ghostbusters Issue #3, on one of the storefronts is "The Dragon's Eyes" printed on the canvas.
- ↑ Egon Spengler (1997). Extreme Ghostbusters- Eyes of a Dragon (1997) (DVD ts. 11:55-12:15). Sony Pictures Home Entertainment. Egon says: "The gems from the statue are known as the Dragon's Eye, they were reputed to have telekinetic properties enabling them to protect their possessor from immediate physical harm. Gu Mo twisted the power of the gems in his bid to control the 15th Flaming Circle. He was defeated when the Dragon's Eyes were used against him to lock him inside the statue."
- ↑ Kylie Griffin (1997). Extreme Ghostbusters- Eyes of a Dragon (1997) (DVD ts. 17:08-17:17). Sony Pictures Home Entertainment. Kylie says: "Are you saying that if we set our Proton Streams a half cycle out of phase with his light waves, the two will cancel each other out, shutting off his powers?"
- ↑ Egon Spengler (1997). Extreme Ghostbusters- Eyes of a Dragon (1997) (DVD ts. 17:42-17:51). Sony Pictures Home Entertainment. Egon says: "Set your Proton Packs to fire at 13.5 Gigacycles. That should nullify the power of the gems and prevent him from creating anymore of those rings."
- ↑ Roland Jackson (1997). Extreme Ghostbusters- Eyes of a Dragon (1997) (DVD ts. 08:48-08:53). Sony Pictures Home Entertainment. Roland says: "These gems seem to act as a telekinetic transducer triggered by extreme emotions like fear."
- ↑ Egon Spengler (1997). Extreme Ghostbusters- Eyes of a Dragon (1997) (DVD ts. 17:02-17:07). Sony Pictures Home Entertainment. Egon says: "I believe they enable him to create the rings by manipulating waves of ecto charged green visible light."