The Splintered Spark of Dreams is a new crafting reagent introduced in Season 3, which can be converted into a Spark of Dreams. However, each conversion requires an additional 250 Flightstones.
Spark of Dreams is a new Patch 10.2 crafting reagent that enables you to set the item level of gear based on the crafting quality, ranging from 447 to 460. To create a Spark of Dreams, you’ll need not only 2 Splintered Spark of Dreams but also an extra 250 Flightstones.
On the live servers currently, merging two Splintered Spark of Shadowflame will yield a Spark of Shadowflame(Season 2 crafting reagent), but no Flightstones are required.
As of now, it’s unclear how many Splintered Spark of Dreams will be available on a weekly basis in Guardians of the Dream.