Health represents how much health the player or familiar has. A health bonus is applied in-combat.
Evade negates damage from incoming hits. The base evade chance for players and familiars is 2.5%.
Block halves incoming damage. Block Critical is a block proc on an enemy's critical hit.
Deflect lets the player/familiar avoid damage, as well as return the evaded damage to the enemy. Deflected hits can be blocked, evaded, deflected again, redirected, etc. There is no limit on the number of times damage can be deflected.
Redirect causes an attack directed at another player/familiar to redirect to the player. The redirect proc is calculated prior to other defensive procs (e.g. deflect/evade), and damage can be redirected multiple times if multiple players in a party have a chance to redirect damage in their direction. There is no limit on the number of times damage can be redirected.
Shield creates an additional health bar over the player's existing health. Shielding is capped at 50% of the player's base HP.
Absorb transforms all of the damage received into shielding. Absorb is calculated prior to damage reduction.
Damage Reduction (DR) reduces damage by a percentage. DR is 100% effective against Physical Damage and 75% effective against elemental damage (more info).