Alteration

dps x skill damage value x .7 pvp damage reduction x armor damage reduction....

Envenom is correct, just put armor at 1 (ignores armor), so

dps x 0.84 (upgraded envenom) x 0.7 (pvp damage reduction) = damage / tic

Then checked with my dps with ignite/incinerate to check if the damage calc is same as it was months ago when I last checked...

With that as basis, did some MINOR tests with blood fang, black fang, blazing arrow, and especially storm all interacts weirdly with damage reduction.  (MINOR because I just noticed something is wrong with the damage values, so I checked if they were wrong or just my imagination.  How they are wrong and exactly what is wrong should be HCS' job so...)

Anyways,

blood fang vs maxed redemption (should be additional 25% reduction when red is active, only applies 18% damage reduction)

blood fang vs maxed benediction (should be additional 30% reduction when inside bene, only applies 28.5% damage reduction)

tornado with 1360 dps, vs 37% armor should do around 1.5k damage

(1360 x 2.5 x 0.7 x .63) = 1499.5

but it hit for over 3.8k damage,... around 2.5x the damage... so something weird is going on with the damage values there, or it IGNORES DEFENSE AND the 30% PVP REDUCTION. 

Eagle eye only does -4% armor, not -15%.

Aside from these, all ranger's skills aside from envenom deals more damage than it should, spectral barrage, auto attacks, black/blood fang, tornado, blazing arrow, etc by around 11-12% of stated values.  *might be the eagle eye, which only shows -4% armor but actually reduces the full 15%, didn't think to check*