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Yes, you are right about it being a burst blood vessel. It is called sub-conjunctival hemorrhage(SCH).
In this condition the tiny blood vessels in the conjunctiva ( white part of the eye) get ruptured and bleed. It can occur under various circumstances such as excessive forceful coughing/sneezing, in hypertensive individuals, in those who are on blood thinning medicines such as low dose aspirin, following subtle eye injury or without any apparent reason too. It is self healing and will disappear within a week or two . In case of any other eye symptoms such as sudden reduction of vision , watering, discharge from the eyes , do get an eye check up done. But for a sub-conjunctival hemorrhage there is no need to visit an eye specialist.You can continue using the lubricating eye drops however.
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Views expressed are for information purpose only and cannot substitute a visit to an ophthalmologist