Elemental Precision is a passive shaman ability learned at level 10 for those with the elemental specialization. It increases hit equal to spirit gained from items or effects.
Patch changes
/Patch 3.0.2 (14-Oct-2008): Chance to hit reduced to 1/2/3% from 2/4/6%, but threat reduction increased to 10/20/30% up from 4/7/10%.