It's an expression that comes about from the 60s/70s... It has been used in military aircraft (from what I understand it's a common term in Navy P3 Orion units). Supposedly, the myth goes, the balls refer to the throttle handles....
Only.. most throttles I've seen are not ball shaped. Instead most are cylinder shaped, and to ME that's a stretch.
Not sure where it came from, but that's what it ended up being used as.