I don't know if someone's suggested this before, but how about making it an active Boff ability instead? Something like this:
Draw Fire (Space)
Redirects a percentage of the damage the target is taking to your own ship.
Level I: 20%, 5 second uptime
Level II:30%, 10 second uptime
Level III: 40%, 15 second uptime
If you make it an engineering ability and tweak percentages and uptime, it would be an interesting doing something like 'Extend Shields' at a certain cost to yourself (the damage you take).
Or, make it an AoE field where a certain percentage of all weapons fire coming from enemy ships within the field OR hitting friendlies within the shield is redirected to you instead. I can't remember, but I think I saw this ability in one of the Armada games or something.
Just my two cents, assuming that more tanking is needed in PvP.