I did research. However, I could not make out the correct usage and meaning of 'way away':
- She lives a long way away.
- The pond was a little way away from him.
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"A long way" is another way of saying "A great distance". Similarly, "a little way" or "a short way" is the same as "a small distance." Here, "way" is in the sense of a road you must travel to get there, as in "I'm on my way" or "Don't forget to stop along the way."
Oftentimes, it will be said as "a long ways away", but that seems more informal.