Can I set up special price for related products only?
Special price shouldn't be applied for related products ourselves.
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Which version of Magento are you using?
What should happen with those products when you see the price in the regular product page?
Actually related products is a concept which shows on the product page - but at the end those related products is also a simple product of the Magento
So you can't separately set special price for those related products !
As you wanted to set special price on related products so indirectly you need to set it for specific product which is show cased there , so if you set special price for that specific product - it will also shows special price on product page of that specific product !
So ultimately you can not shown special price for only related products ! or it might required a huge customization for the same
Hope it helps