What is that visual effect supposed to be?

[Riedquat]

I like the 'spacedust'.

Reminds me of the original.

 

[Sparkam]

I like how it looks in Pioneer spacesim and in Independence War 2. Looks clean.

Spoiler

Found a video, not very good quality but with high fps in game it looks better.

http://youtu.be/RQalchPYLLw?t=22m17s

http://youtu.be/qd8XTg59mqs?t=12m26s