The lyrics to Lui Collins' "White Seal Maid" were actually written by Jane Yolen. It was a poem from her book Neptune Rising. Someone showed it to Lui who was caught by them. So she set the words to music and recorded it on her "There's a Light" album.

Another one with Faerie elements is called "The Twa Magicians" (covered in this thread). It's similar to the whole Taliesin tale where, in his former incarnation as Gwion Bach, he flees the otherworld sorceress Ceridwen by changing into several different forms. She changes into different pursuing forms as well and catches him... though the aim was quite different in that story than in the song.