As far as I know, this story has no relation to anything or anyone living.
But whether it has any connection to an entity that once existed…? Quite likely, I dare say.
And oh, yes, this story is taken from the Ramayana. In case you had any doubts.
In the Hindu epic Ramayana, Jatayu (Sanskrit: जटायू Jatāyū, Tamil: Chatayu, Thai: Sadayu, Malay: Jentayu or Chentayu) is the son of Aruna and nephew of Garuda. A demi-god who has the form of a vulture, he was an old friend of Dasharatha (Rama’s father). He tries to rescue Sita from Ravana when Ravana is on his way to Lanka after kidnapping Sita. Jatayu fought valiantly with Ravana, but as Jatayu was very old Ravana soon got the better of him. As Rama and Lakshmana chanced upon the stricken and dying Jatayu in their search for Sita, he informs them of the fight between him and Ravana and the direction in which Ravana had gone (i.e., south).
While Jataayu was wounded and laying on the ground when Lord Rama arrived, Lord Rama sensed the end result and decided that Jatayu get moksha. Lord Rama hit an arrow in the ground so as to call all seven sacred rivers, called teertha. Six rivers’ waters arrived, one river water failing to obey Lord Rama’s call. Since Lord Rama was himself an incarnation of Lord Vishnu, He forced the Gaya teertha to arrive at the spot. Finally Jatayu was given the waters of seven rivers and He attained moksha.
The above text is taken from Wikipedia