spirit, soul, spiritual world
灵 centers on the non-physical essence of a being: spirit, soul, or the spiritual world.
灵 is a simplified form of 靈. The older form combines 雨 (rain) with 巫 (shaman) and 示 (altar), suggesting a shamanistic ritual to invoke spirits. The modern simplified form replaces the complex upper part with 彐 and keeps 火 at the bottom, but the historical connection to the original components is uncertain.
The top 彐 looks like a hand reaching upward, and the bottom 火 suggests a flame. Picture a spirit rising like a flame from an outstretched hand.
For レイ, imagine a ray of light shining from the spirit: ray -> レイ, and the spirit glows like a flame.