Shreeah olin tyl.
We have seen that "ah" is light and this might be part of the word "shreeah". I'm guessing it means "SOFT LIGHT". This is a form of "good night" used by the Wolfriders and, since the Wolfriders sleep during the day, a wish of "soft light" would be welcome as it is easier to sleep in soft light rather than very bright light.
Tyl is the word for "GIFT".
So, we already see that the sentence involves something revolving around the idea of wishing another elf the gift of soft light.
Olin is the difficult part because whatever this means it must also reflect the same meaning in the names Orolin and Oroleed.
The idea of "sleep" might be implied here though not this is not explicit. However, Orolin was wrapped in wrap-stuff to sleep while controlling the scroll of colors. So, "OLIN" might directly involve sleep.
If OLIN simply means "SLEEP" then the sentence can be seen as:SOFT-LIGHT-SLEEP-GIFT.