IIRC rust is mostly ferric oxide. The non-red patina that forms on steel could be from other oxides of iron, other iron compounds, with maybe other possibilities I'm not aware of. Compared to rust patinas aren't nearly so harmful to your blade and help prevent rust, though patina forming right at the edge would degrade it.
I've seen knives rust very quickly when exposed to water, so it's possible this could happen using water when sharpening .... however as long as you're sharpening, any rust on the edge is going to be removed rapidly, so I think as long as you dry the knife off as soon as you're done it's nothing to worry about.