The title of the episode is a reference to the first Superman movie's tagline "You will believe that a man can fly."
Despite the butch appearance, this version of Heat Wave is female.
The "one psychic starfish in Germany..." that Steve Lombard mentions to Jimmy Olsen is a reference to Starro the Conqueror, who first appeared in Brave and the Bold #28, the first outing of the original Justice League.
McGuinness Luxe Garage (seen when Lois is racing around the city trying to pin down Superman) is likely a reference to comic book artist Ed McGuinness, who was the artist on the monthly Superman comic in the early 2000s, as well as artist on the opening arc of the Superman/Batman title.