If you have Soul Arrow or Soul Ray, just equip the Thieft Ring ang get close enough to target him, then just spam the arrows/rays, if he is too close just roll backwards or run to make enough room to fire 2 arrows/rays... normally, according to your magic power 1 or 2 soul arrows should stun him, and the rest him him directly.
Other option is to upgrade your shield so it consumes less Stamina to block (and for being able to block more powerful hits) and just take him on just like any other Blue Eye Knight. A Red Knight with spear+shield is a little trickier, but if you block his spear ram he is done for, just circle him and attack after he attacks... only counter, never take the initiative, and dont try to attack while he charges at you.
I killed my first Red EyeKnight at level 24... the one in fron of the mausoleum.
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