So far this is what I have figured out in terms of the effects and what the symbols look like.
Electrical – Stuns target and enemies near target, also shorts out HUD.
Incendiary – Burns the enemy, dealing damage over time. Also, causes NPC's to panic.
Biological – Slows enemies movement and decreases their damage dealt.
Radiation – Makes target vulnerable and increases the damage they take.
Syphon – When the effect is triggered, it will heal the players HP, or shield should the player have max HP. (Not Confirmed)
Corrosion - No Longer Exists, Corrosion was changed to Radiation, but there are still some left-overs that use the old "green-splat" symbol.
If anyone has any corrections please feel free to post and I will make the necessary adjustments.