If you use the Window->Preferences->C/C++->File Types and define a new file type with C or C++ as *.pc, or *.sc etc. as is appropriate to your extension, then the syntax highlighter will attempt to colour the keywords appropriately and provide hover tips. Of course the EXEC SQL type statements will show up as errors but those are relatively easy to ignore knowing that you're looking for some help for the elements in the file, but not all (i.e. doesn't parse embedded SQL).
Update (for vi(m) lovers): I found that I needed to create a file in ~/.vim/ftdetect/pc.vim containing:
au BufRead,BufNewFile *.pc set filetype=pc
and I also created a link from my /usr/share/vim/vim73/esqlc.vim to pc.vim (though we could have specified *.pc set filetype=esqlc)
and I installed vrapper, then after restarting eclipse, I my EXEC SQL or other keywords were no longer underlined, though they weren't colourized either. That may change in future vrapper updates. (Note: I'm using Eclipse Kepler as it supports vrapper)
Bonus: make sure to set your preferences for "Find and Replace" to CTRL-4 instead of CTRL-F to get page forward in vim working.