Actually, this line was an allusion to earlier in the movie when Johnny Ringo quotes the bible, Revelation 6:8 -
"Behold a pale horse. And the name of its rider was death. And hell followed with him"
Thus, before Wyatt goes on his killing spree against the cowboys, he is being compared to the rider of the pale horse.
I'm confident that it has been many years, far too many for me, since a film writer has been confident enough and willing to slip in a script line that referred to the Bible.