This definitely sounds like sleep paralysis. Your symptoms mirror the ones I have experienced. Like you, I felt like my eyes were wide open and I was also staring straight up at the wall. Here's my experience with it:
I'm always on my back when it occurs
It happens 1-2 times a week, usually in the middle of the night
I experience up to a minute of pure terror because I cannot move, I cannot breathe, and I have no control but yet feel fully awake, aware, and conscious
I can feel it coming on, as in I'll be asleep and I suddenly feel this intense pressure like I can't breathe and some how am woken up by that sensation, which is when the sleep paralysis episode takes place
Because I experience it on a semi-regular basis, I've almost become scared or nervous about falling asleep, which seems to actually trigger it or spur more of these episodes
I go to sleep every night between 10-11:30 p.m. excluding the occasional late night on weekends. I get up around the same time every day, between 8 and 10 a.m. I do drink a couple times a month while out with friends, and wonder if even just the consumption of alcohol a few times a month has been a contributing factor to my sleep paralysis. I'm 28 years old, and I hadn't ever experienced this until about a year or two ago, and now I have it on a regular basis.
What I do to relieve the anxiety is that I just simply wait it out/endure the episode. I mean, what else can you really do? You feel completely paralyzed. I guess I just have this innate fear that the episode will not pass and my temporary paralysis will become permanent. I think if I had to describe how it feels, I would say that it feels like you're dying (if I can even make such a claim, as I'm obviously alive). The feeling passes, but if I had to take a guess at what dying is like or what is to be expected, I would immediately think that'd it feel similar to sleep paralysis.