Pet eye is similar to red eye, but not the same. Redeye is light reflecting off the back of the retina which comes back out through the pupil, the retina absorbs G & B light but because blood is already red, red is the only colour that passes through, acting like a filter.
Peteye, like in cats, is a phosphor glow from the retina, the very substance which enables cats to see in the dark. Also, cat eyes react instantly, where the human iris has a bit of a delay to the reaction of sudden and strong light.
Redeye, we've mastered that one, but weather there's a peteye fix yet ? I don't know. Most modern compacts have redeye fixes on them and most are pretty decent, though some does slip through occasionally. I've had nothing but job with my A640, it comes highly reccomended for your purpose, but peteye - I wish I knew myself.