Yes, this power does seem to be based on the Kevin Cosner 'Robin Hood Prince of Thieves' shot where he tears the fletching on two arrows at once with his teeth, then shoots two oncoming horsemen holding the bow horizontally.
I remember at the time it came out, I saw a 'making of' documentary with the stunt co-ordinator and the expert bowman they'd hired for the archery stunts. They'd theorized that it was possible to do, and attempted to do it for real, but in the end they were forced to do a split-screen.
However, the expert did say he had perfect confidence that the stunt could be done for real. The movie's actually one of the better resources for historical combat.