iray render elements are specified by Light Path Expressions.
The iray renderer can render up to 19 render elements at a time.
iray: Alpha: Renders the alpha channel.
iray: Irradiance: Renders irradiance data.
iray: Normal: Renders normals, encoded as blue for vertical depth information, and red and green channels for the direction vector.
Z Depth: Renders Z depth as a grayscale. The default iray render elements are in two "groups": the ones whose names begin with "Light:" and the ones whose names begin with "Mtl:".
Both these groups add up to the final rendering. If you composite all the "Light:" elements (adding them in a linear color space, not a nonlinear space such as sRGB), they sum up exactly to the final render. You can change the intensity of an element and get exactly the same result as if you had changed the intensity of the corresponding lights.
Similarily, if you linearly add all the "Mtl:" elements, they also sum up to the final render.
However, a composition that mixes elements from both categories will have double contributions of some light. The results will be incorrect.