I was just able to create a user and add the replication privilege, doing the following:

mysqluser@FOO.us-east-1.rds.amazonaws.com

[mysql]> create user ‘testrepl’@’%’ identified by 'SAFEPASSWORD’;

Query OK, 0 rows affected (0.06 sec) mysqluser@FOO.cqdc1rbnps8s.us-east-1.rds.amazonaws.com

[mysql]> grant replication slave on *.* to 'testrepl’@’%’;

Query OK, 0 rows affected (0.03 sec)

I know that accomplishing this migration required that I was running MySQL 5.6. It might be that you’re running an older version which prevents this type of setup.