Oil analysis does an excellent job of quantifying engine wear - IF you understand the data you're seeing ....
For example, the level of silicon/"dirt" correlates very closely with piston,ring and cylinder wear. Allow Si to get high enough and you'll see nickel from the intake valve stems, which are stainless steel. In a similar fashion, soot concentrations in diesel engines correlate nicely with valvetrain and ring, piston,cylinder wear. Finally, if you over extend an oil,let the TBN get too low and the insolubles too high, you'll see greatly increased bearing wear. You'll also see more bearing wear if you use an oil too thin for the application.
If you see significantly higher concentration of key wear metals like Fe,Cr,Al,Cu,Pb, there is certainly more wear taking place. It can be adhesive wear,abrasive wear,corrosive wear or some combination of these, but metal IS being removed from the internal parts and being put in solution/suspension in the oil.
The one question I can't answer is if you get a wear rate of xx ppm/1000 miles of say Fe, what does that mean in terms of ultimate engine life, or at least in terms of degrading performance over a long period of time? However, all things being equal, less wear and fewer deposits are certainly highly desirable from any lubricant....
Particles sizes typically form a "normal distribution" or bell curve and oil analysis captures those below about 5-6 microns. This concentration is representative of the overall amount of wear - that's the whole idea....
TS