From what I have tested and seen online, the damage absorption works only on physical damage, any elemental/magical damage goes directly to the warlock.
Psychic Ward is a useful 1 point wonder if you are going for Mirrored Blades and Echoing Strike.
Especially so for being able to eat some of Diablo's Lightning hose as it deals half physical damage and it can eat a Bone Spirit from Abyss knights aswell.
Overall nice to have!
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