Valerie goes on to describe how she met the band's frontman in a bar in Florida, where she bought him a drink after watching him perform.
She told VICE: "I'd fly out to see him. It was great. We had so much fun together."
Inspiration behind the lyrics came when Valerie was due for a move to Liverpool to be with the singer, but was unable to, due to an arrest that stopped the make-up artist.
Valerie admitted: "I got arrested the week before I was going to go to Liverpool to be with him. It was my, I want to say, seventh felony driving on a suspended license."
The lyrics, which asks whether Valerie got "a good lawyer", is talking about the legal battle that followed.
She said: "I was supposed to have already been [in Liverpool] and I was like, 'I'm just going to be a little longer. I just have to deal with a little bit of a law thing. I kind of got arrested and spent every cent.' And that's how he wrote the song. And it was like, 'Did you have to go to jail / did your house go up for sale?'"
After Valerie decided to stay in the US, Dave revealed that his song about her was getting released as a single.
Her favourite line in the song "I've missed your ginger hair and the way you like to dress" recalled that special period in her life.
She said: "I do like that part. And I used to dress really ridiculous back then too, per that line ('I've missed your ginger hair / and the way you like to dress'). It really was about that part of my life. I was dressing ridiculously fabulous, following around this boy in a band, and getting arrested really well."
When the song was re-released as a cover by Amy Winehouse and Mark Ronson, Valerie admitted that it felt surreal that a song written about her had achieved such major success.
She told VICE: "I remember meeting Mark [Ronson] when he was doing a radio interview alongside Dave. Mark said [to me], 'I feel like I should open up my wallet and just hand you money.'
"It was really funny. It's also kind of surreal."
A few years after the song's release in 2011, Amy tragically died of alcohol poisoning.
Mark Ronson recently spoke of the late star's success and called her a genius, according to the Sun.
He said: "Nothing will ever be as important or as loved as Back To Black. Amy was the first person I ever worked with, the most honest and most talented.
He added: "She wrote the song Back To Black in ten minutes.
Amy Winhouse's Black to Black album went on to become the UK's best selling album of the 21st century.