"Wuju" is a reference to two of the developers at Riot Games. Namely, Andy Woo and Jeff Jew.
"Wuju", or "Wuji", is the grey field a taijitu (the yin-yang symbol) is traditionally shown on, symbolizing "nothingness".
It bears similarity to "Wushu", the collective name of Chinese martial arts, mostly known as Kung-fu in western countries.
Master Yi was one of the champions chosen for the Ionian pool available during the Ionia vs. Noxus match. However, he was not one of the selected champions.
Whenever Master Yi kills someone there is an explosion effect, which is the same as Sion's shield.
The goggles Master Yi wears (known as the Seven Lenses of Insight) seem to be an over-exaggeration of trifocal Night Vision goggles, and according to his background, provide a similar effect, allowing him to "see across a wider range of the spectrum". They were made and given to him by Heimerdinger. His costume and the goggles bring strong resemble to Sam Fisher from Splinter Cell game franchise,
Yi is the Chinese word for one.
Master Yi's dance is based on Napoleon Dynamite. Notably, he shares his dance's source with Katarina, but her dance is a different part of the same dance.
A fan joke video give birth to a popular troll build called Dunkmaster Yi, focusing on going really fast, and the catchphrase "get dunked!".
Chosen Master Yi is a direct reference to the Jedi Knights of the Star Wars franchise.
This skin's lightsaber changes colors based upon Wuju Style's current state: blue (normal), green (passive), red (active), purple (passive and active). This is similar to the Jedi Knight games which had blue, yellow, and red lightsaber stances; each altered the speed and power of attacks.
Headhunter Master Yi's clothing bears many resemblances with the Predator from the Predator movies and Alien vs Predator franchise.
Headhunter Master Yi's helmet and goggles also look very similar to the game Shinobi's main character Hotsuma, who would dash to his enemy similar to Master Yi's Alpha Strike.
In his Chinese artwork, there is the shadowy form of Cho'Gath behind him, who vaguely resembles the Aliens.