Syllable division derived from spelling — this word is not in the pronouncing dictionary, so no phonetic transcription is shown rather than a guessed one.
sleepy-eyed is an adjective meaning "ready to fall asleep". It carries one recorded sense.
ready to fall asleep
“beginning to feel sleepy”
“a sleepy-eyed child with drooping eyelids”
“sleepyheaded students”
Definitions, synonyms and semantic relations for sleepy-eyed come from Princeton University’s WordNet. Commonness is measured against a corpus of everyday English. Full sources and licences.