The only real kind of shield capable of absorbing damage as shown in FreeSpace that is actually plausible is a "plasma shield."
Plasma shields postulate using cold plasmas in conjunction with powerful electromagnetic fields to protect spaceships from hazards, (given that a criteria for plasma is to be ionized.) With the properties of plasma, it can protect a given ship against the hazards of space radiation but if in high concentration, will be able to protect against micrometeoroids, shrapnel, beam weapons, and other types of physical damage.
It is important to note that the plasma used is cold, and is actually easier to generate this in a vacuum.
Cold plasma is ejected around a given ship, say a Myrmidon and is held in place by electromagnetic fields generated by that ship. As the plasma itself is electrically charged, it adds to the field's strength allowing it to obtain much greater endurance at lower power levels than magnetic fields alone.
This is can partially apply to FreeSpace as upon the shield taking damage it slowly depletes as the plasma reacts. A ship might be able to eject more cold plasma to replace the reacted one although there is a limit and danger of how much plasma a ship can carry.