More like reading tea leaves. For example, on the PDS or VOA it’s quite likely to be an incomplete picture. What molybdenum compounds are represented by that elemental analysis? No one knows for sure. It’s literally impossible to know from the VOA, much as it’s impossible to know what a vase looked like before you smashed it to dust. By reading the amount of the element you can guess for some of them. It’s a pretty good guess for ZDDP. But even there, many nonmetallic additives will not appear on an ICP analysis.
And to me the SDS tea leaves are even less clear. As someone who at one time wrote them for a living, I can tell you that they are not for back-engineering a product. They are for first responders, emergency personnel and for general toxicity and flammability information. No company, ever, will divulge proprietary information in an SDS. So if the SDS today uses a CAS number for a GTL-derived hydrocarbon but tomorrow the company makes an allowed interchange to a different but similar chain length and similar property hydrocarbon, that SDS may or may not be updated since the toxicity and flammability properties have not changed. In fact, if a company can achieve the safety goal of an SDS but at the same time deceive a competitor then that can happen.
Plus don’t forget that an SDS is primarily for toxic materials. Non-toxic materials are not required to be listed. This comes up now and then in regards to base stocks for oils since many esters are not toxic (at least not toxic enough).
Having said that, yes you can read some of the tea leaves some of the time.