I don't think it can, but then again it might be able to, if it doesn't touch the ground. I would guess no but I'm not sure.
I would say that the most useful to be reflected are links arrows, the gyro, mortar, zss neutral b shot, missiles, pkfire (to an extent), falcos lasers (to an extent), gordo (whenever you see it coming), thunder, ivysaurs razor leaf, ... Basically the projectiles that aren't energy based...
Absorb would be best with pk anything, fox's lasers, wolf's lasers, falco's lasers, samus' charge shot, lucarios neutral b, zss dsmash (with jump out of the psi magnet absorption into something), thunder (when in the air), fire breath, luigi/Mario fireballs, ... Anything energy based with projectiles.
Shield thrown items, but grenades are the most difficult to think of what to do. Bananas you should try to grab out of the air if you can, but it is difficult.
Mostly it depends on what you have time for... So if you can't absorb or reflect quickly enough, then just shield or clank it... Or outprioritise with nair or something else...