There is an article which gives the definition of the Dragon Lady:
"Dragon Lady refers to an Asian woman who is perceived as seductive, desirable but at the time she is untrustworthy. Movies from the early century have been successful in portraying this stereotypical version of the Asian woman. "Daughter of Fu Manchu" is one of them. Scheming, treacherous and dangerous, the Dragon Lady is the female version of the Asian bad guy, only with a slightly different approach to defeat her enemies. She has the power to hypnotize her male rivals, gains trust by seducing them, and when they least expect it, she rids of them through sabotage or backstabbing (Espiritu)."
Dragon Lady is a word that describes the Asian American woman who is dominant and as same as ability or excellent ability than man. It is difficult to say this word is a compliment or insulting word. Therefore, dragon Lady also brings pros and cons to the Asian American woman.
Pros: 1. Proving woman has as same as ability or better ability than man
2. Woman do not need to rely on man. It means woman is independent.
3. People will not have sexual stereotype which is woman does not go to school to
study or woman cannot become competitive.
Cons: 1. Dragon Lady has meaning to discriminate the Asian American woman because
this word means that woman is fierce, powerful and dominant.
2. Man usually does not like a girl who is a dragon lady. A dragon lady is difficult to
get married because man will be afraid of woman has excellent ability than him.
3. This word maybe will let Asian American woman feels shame and scare to face
Dragon Lady uses commonly in the world. At the beginning, dragon lady mean woman who has dragon tattoo in her skin. People incorrectly relay an erroneous message from past to now. Nowadays, dragon lady describes woman who has great ability, dominant attitude and powerful manner than man. They do not need to rely on man to live their life anymore; maybe they will have better life than man. Woman also can become a superwoman and woman has able to go out to work and has her own career such as Cher Wang who is a owner of HTC. People is respect her and they will not belittle her because she is a woman. In my opinion, dragon lady this word actually brings some fair to woman and making people respect to woman.
Here is a video which is talking about Dragon Lady: