Phantom Dancer Tooltip

It used to track how much damage you had reduced while owning it. Recently I noticed it now tracks "Deaths defied." I don't like this change. It doesn't feel helpful at all and seems like a rather unnecessary addition.

When I see "600 damage reduced," I think, okay, I can see what kind of value i'm getting out of this item. When I see, "6 deaths defied," I'm more confused than enthused. What exactly is the value of a death defied anyway?