List of Potions/Powders
I went through the base game and expansions, both NA and EU, and found all the different potions/powders listed. These came from Treasure cards, Artifacts, Alchemist Shop, and Quest notes.
Magical Green Potion - Heal up to 3 BP
Potion of Healing - Heal up to 3 BP
Potion of Healing - Heal up to 4 BP
Potion of Healing - Heal up to 6 BP
Potion of Healing - Heal BP equal to roll of 1 red die
Potion of Rejuvenation - Heal BP equal to roll of 1 red die
Potion of Restoration - Heal 1 BP and 1 MP
Venom Antidote - Heal 2 BP lost due to poison
Potion of Warmth - Heal 2 BP lost due to ice or 1 BP normal loss
Potion of Restoration - Heal to full BP and MP or cure from turned to werewolf
Elixir of Life - Bring dead hero back to full BP and MP
Life-giving Elixir - Bring dead hero back to 1 BP
Wolfsbane Potion - Cure from turned to werewolf
Potion of Defense - +2 dice next defend
Potion of Resilience - +2 dice next defend
Potion of Frost Skin - Barbarian gets +2 dice defending until he can see no monsters
Potion of Magic Resistance - Ignore effects of a spell
Potion of Magic Resistance - Ignore effects of magical fire attack
Heroic Brew - May make 2 attacks
Potion of Strength - +2 dice next attack
Potion of Battle - May re-roll attack dice
Potion of Battle Rage - Barbarian may make 2 attacks per turn until he can see no monsters
Potion of Icy Strength - Barbarian doubles skulls rolled on attack
Potion of Speed - Elf moves 12 squares and may make 2 attacks per turn until he loses BP
Sacred Water - Destroy 1 undead
Holy Water - Destroy 1 undead
Potion of Magical Aptitude - Elf or wizard may cast 2 spells in 1 turn
Potion of Recall - Elf regains a used spell
Air Walk - Will not trip traps and automatically jump pits
Potion of Dexterity - +5 to movement or automatically jump a pit
Potion of Swift Wind - May roll double red dice
Dust of Disappearance - May walk through monsters
Potion of Vision - Elf sees all secret doors and traps until he loses BP
Potion of Alchemy - May turn equipment into 100 gold coins
Potion of Charm - May hire up to 3 men-at-arms for 25 gold coins less than normal
Moonsilver - Gain entry into the Realm of Reflection
Poison - If roll a skull you lose 1 BP
Poison! - If roll a skull you lose 1 MP
Unidentifiable Purple Liquid - Will turn to stone for 5 turns, he will be unable to move or be attacked
Magical Green Potion - Heal up to 3 BP
Potion of Healing - Heal up to 3 BP
Potion of Healing - Heal up to 4 BP
Potion of Healing - Heal up to 6 BP
Potion of Healing - Heal BP equal to roll of 1 red die
Potion of Rejuvenation - Heal BP equal to roll of 1 red die
Potion of Restoration - Heal 1 BP and 1 MP
Venom Antidote - Heal 2 BP lost due to poison
Potion of Warmth - Heal 2 BP lost due to ice or 1 BP normal loss
Potion of Restoration - Heal to full BP and MP or cure from turned to werewolf
Elixir of Life - Bring dead hero back to full BP and MP
Life-giving Elixir - Bring dead hero back to 1 BP
Wolfsbane Potion - Cure from turned to werewolf
Potion of Defense - +2 dice next defend
Potion of Resilience - +2 dice next defend
Potion of Frost Skin - Barbarian gets +2 dice defending until he can see no monsters
Potion of Magic Resistance - Ignore effects of a spell
Potion of Magic Resistance - Ignore effects of magical fire attack
Heroic Brew - May make 2 attacks
Potion of Strength - +2 dice next attack
Potion of Battle - May re-roll attack dice
Potion of Battle Rage - Barbarian may make 2 attacks per turn until he can see no monsters
Potion of Icy Strength - Barbarian doubles skulls rolled on attack
Potion of Speed - Elf moves 12 squares and may make 2 attacks per turn until he loses BP
Sacred Water - Destroy 1 undead
Holy Water - Destroy 1 undead
Potion of Magical Aptitude - Elf or wizard may cast 2 spells in 1 turn
Potion of Recall - Elf regains a used spell
Air Walk - Will not trip traps and automatically jump pits
Potion of Dexterity - +5 to movement or automatically jump a pit
Potion of Swift Wind - May roll double red dice
Dust of Disappearance - May walk through monsters
Potion of Vision - Elf sees all secret doors and traps until he loses BP
Potion of Alchemy - May turn equipment into 100 gold coins
Potion of Charm - May hire up to 3 men-at-arms for 25 gold coins less than normal
Moonsilver - Gain entry into the Realm of Reflection
Poison - If roll a skull you lose 1 BP
Poison! - If roll a skull you lose 1 MP
Unidentifiable Purple Liquid - Will turn to stone for 5 turns, he will be unable to move or be attacked