Sources: Pegasus Knight, Fire Emblem: Seisen no Keifu Official Guidebook

Icon Name Effect Activation
Big Shield Big Shield Take no damage from one of the enemy’s attacks (User’s Level)%
Wrath Wrath Always critical when HP is below [(Max HP/2) + 1] 100%
Pursuit Pursuit Always double attack when user’s Attack Speed > enemy’s Attack Speed 100%
Continue Continue Allows a consecutive attack (similar effect as a Hero weapon) (Attack Speed +20)%
Steal Steal On a successful hit, user takes all of the enemy’s gold 100%
Awareness Awareness Negates enemy critical attacks, sword skills and effective bonus towards user 100%
Critical Critical Allows user to perform critical attacks with critical rate = (skill + weapons kill bonus)% 100%
Ambush Ambush Always attack first when HP is below Max HP/2, negates enemy’s Charge 100%
Charge Charge Activates 2~20 rounds of combat when HP is above or equal to 25 (anything above 5 rounds is pretty rare though) [User’s Attack Speed – Enemy’s Attack Speed + (HP/2)]%
Dance Dance Allows all adjacent units, who have already moved, to move again
Charisma Charisma All units within a 3 tile radius receive a 10% support bonus (to accuracy and avoid) from the user
Prayer Prayer When user’s HP is under or equal to 10, increases avoid by [(11 – HP) x 10] for one turn* 100%
Life Life User recovers 5~10 HP during the beginning of each turn
Elite Elite User receives double EXP (maximum at one time is 100)
Bargain Bargain User can buy items or repair items for half price
Shooting Star Sword (sword skill) Shooting Star Sword (sword skill) Activates 5 continuous attacks (10 with a Hero weapon), can not activate Continue or another sword skill simultaneously (Skill)%
Moonlight Sword (sword skill) Moonlight Sword (sword skill) Negates enemy’s defences, can not activate another sword skill simultaneously, always hits (Skill)%
Sun Sword (sword skill) Sun Sword (sword skill) Restores HP equal to damage done to enemy, can not activate another sword skill simultaneously, always hits (Skill)%

Unused skills

Icon Name Effect Activation
Holy Sword Holy Sword Increases damage by 20, also may reduce damage taken by 20 ?%
Darkness Sword Darkness Sword Multiplies damage by 1, 2 or 3, also may reduce damage taken by 20 ?%
Return Return Allows user to return to the main castle (same effect as Return Ring)
Recover Recover User recovers all HP during the beginning of each turn (same effect as Recover Ring)
Re-move Re-move Allows user to use up leftover movement after performing an action (same effect as Knight Ring)

* Does not apply when entering the arena with 10 or less HP