Are you talking about the space dust flying around you? This effect can't be removed by an in-game setting, it is supposed to indicate your flight direction which is not necessarily related to your thrusters' current output (meaning you can drift a bit by certain manoeuvres or ships until you can gain more control again).
If you are talking about the Hyperspace "clouds" you see during high wake jumps, I am not sure how they are affected by reducing the graphics settings.
If you are talking about the "wobble effect" you can see during low wake jumps (not visible in the image, but just wanted to make sure), there is a setting to disable it I think.