the general terms i use (yes for some reason i've come up wtih these)
Limit break orange/red effect : limit fire (inspired through the color, and in advent children plasma flame effects were used with limit breaks)
the green emission when casting magic: magic wave (note there is also the magic sparkle which i think is blue, maybe that was only in ff8, they both have the same effect, ff8 having a nicer one)
If you dont like it just call it the magic casting effect,
the important thing is to note what is being done (limit break, magic, enemy skill etc)