The Dreamlord Ring was a Magic Ring of dubious origin, though it may have been one of the Lesser rings created by Celebrimbor and the Gwaith-i-Mîrdain.It was a heirloom of Tâlirân and a property of Irinn-las.
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The Ring could only be used by a Seer, Mentalist or Dreamlord. As such, Irinn-las was able to harness its power due to her being a Seer/Mentalist. As such, the ring allowed her to use all Dreamlord spells to 30th LvL., it was a X5PP enhancer, and she could use Water Law (Magician), Fey Magic (RMC VII), and Light Law (Magician) to 50th LvL. It was also a +30 DB.