Dust and Essence:
Generally the dust is from armor and the essence is from weapons, though it can randomly be anything.
Level 01-10: A little strange dust/lesser magic essence.
Level 11-15: Much strange dust/greater magic essence.
Level 16-20: Much strange dust/lesser astral essence.
Level 21-25: Little soul dust/greater astral essence.
Level 26-30: Much soul dust/lesser mystic essence.
Level 31-35: Little vision dust/greater mystic essence.
Level 36-40: Much vision dust/lesser nether essence.
Level 41-45: Little dream dust/greater nether essence.
Level 46-50: Much dream dust/lesser eternal essence.
Level 51-55: Little illusion dust/greater eternal essence.
Level 56-60: Much illusion dust/greater eternal essence.
Shards:
Shards come from blue or purple items (they can come from greens, but don't count on it).
Level 01-20: Small glimmering.
Level 21-25: Large glimmering.
Level 26-30: Small glowing.
Level 31-35: Large glowing.
Level 36-40: Small radiant.
Level 41-45: Large radiant.
Level 46-50: Small brilliant.
Level 51-60: Large brilliant.