This phrase is a polite and friendly way to greet a woman you find attractive. It is important to use the correct form of address depending on the context and the relationship you have with the woman. For example, if you are speaking to a stranger, you would use the formal "usted" form. If you are speaking to a friend or acquaintance, you would use the informal "tú" form.
Here are some other ways to say hello to a pretty lady in Spanish:
* Hola, guapa.
* Hola, bonita.
* Hola, preciosa.
* Hola, linda.
These phrases are all equivalent to "hello, pretty lady" and can be used in a variety of situations.