Yes, it is possible to make the eyes rust because of allergies. If your are experiencing an allergic reaction from various sprays, exposure to animals, environmental chemicals, airborne allergens, mascara or contact lens solutions, your eyes would be red, swollen, watery and itchy. Under such circumstances, you should find out the irritants and avoid them.
As a matter of fact, sometimes allergies could give rise to some problems with eyes such as watery eyes, painful eyes, photophobia, etc. However, they would not lead to rust on a general basis. But if you do have got that problem, it might be resulted from other causes, which require a thorough eye exam in the hospital. Just try to get rid of your allergies, at least relieve them so that you won't be bothered.