Yes, it is by eye. The thing you can do to avoid the dreaded "square look" of many first knives, is to 'knock' the corners off first.
Here is what I do:
I pre-shape the tang when grinding the blade. After final sanding and polishing, I tape up the blade area to protect it and me from each other.
I tape the scales together tightly and sand the front end to the desired curvature and bevel. I sand and polish this surface.You can't get this area sanded down to the blade without ruining the finish on the blade after assembly. Done this way, the front of the handle is guaranteed to be symmetrical.
Then I take the tape off the scales and glue one in place with 24 hour epoxy. Clamp lightly, you don't want to squeeze out all the glue.In an hour ,clean off the blade ricasso and sanded front of the scale to remove any squeeze out, (use acetone) to avoid having dried glue to deal with later on. When cured,clean/scrape off any glue that has gotten on the other side of the tang. Drill the rivet holes through the scale from the tang side (using the holes in the tang for placement).Use a drill bit about half the size needed (For a 1/4" rivet, use an 1/8" bit now). The holes in the tang should have been made well over-sized prior to HT.
Glue the second scale on, clamping gently,again, and carefully check that the front end is precisely aligned with the other side.Look at it from all angles. Adjust until you are satisfied (that is where the 24 hour epoxy is a real plus - lots of adjusting time).Check it in an hour to make sure it is right,wiping off any squeeze out on the ricasso with acetone (it is hard to get it off easily in this area when cured), and let cure.
Drill the rivet holes through the second scale, going from the first side (using the previously drilled holes as guide holes). Re-drill the holes for the rivets you are using and glue up the rivets. Let cure completely. Cut/File/Grind the rivets flush.
Now, go to the belt sander (or what ever removal method you are using) and sand the profile down until it reaches the tang. You now have the handle shaped to the profile you want, with the tang flush all around. Make any modifications you see as needed (deepen finger grooves,round off butt, etc.).
Grind (knock off) the corners at a 45 degree angle all the way around the handle (don't remove any more than necessary on the pre-finished front end,of course), creating a sort of octagonal shape in cross section. Grind the sides until they are slightly thicker than the desired final thickness and shape. Move to a finer belt (The previous work would have been done on a coarse belt), and start smoothing up the curve across from side to side, carrying each rolling stroke all the way around from one side to the other. Constantly check for places where one side is thicker/wider/curvier than the other. As you get it more refined, shape in the finger area/grooves (this is usually the last wood you remove before final sanding). I go for an egg shaped cross section, with the spine side of the handle slightly wider than the blade side.
Switch to hand sanding with the same grit paper. Touch up any areas that you were afraid to do on the grinder. Go to a finer grit and smooth out any awkward curves and corners that are angular and not in a continuous curve. Proceed to finer and finer grits, ending with a very smooth and even surface. Finish/buff as desired.
Done like this you will attain several things:
1) The sides should come out symmetrical and with good curves.
2) You should avoid damage to the ricasso, resulting from sanding and glue removal.
3) You can fine tune the handle as you go, shaping it to an exact "feel" in the hand.
4) Rivet alignment should be more accurate.
5) The blade will be protected from handle sanding work.
The rules are simple:
Take you time and go slow.
Take a little off at a time - You can always take off more later- it is impossible to put it back.
Don't rush to the final shape - Let it form under the sand paper as it "feels" right.
Hope this helps
Stacy