I take it you are referring to the default example provided by the SQL Database Connector: mysql://username:password@my-db-instance.endpoint.us-east-1.rds.amazonaws.com:PORT/db_name
Breaking it down: mysql:// username:password for the database user @ my-db-instance.endpoint.us-east-1.rds.amazonaws.com replace with hostname or hostaddress of your database, which might be an IP address. If it is “localhost” then the database is likely only for use by the site, so can’t be directly accessed by the SQL connector plugin.
/ db_name the database schema name