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Well, for starters, its probably got the Mysterious Mist trope going on, judging from the name.
Might look at Primordial Chaos, Place Beyond Time, Negative Space Wedgie, Magical Underpinnings of Reality, Phantom Zone, Spirit World, and/or the Void Between the Worlds for the other elements. This really sounds like one of those situations where it's covered by a combination of tropes, with the specific combination being Too Rare To Trope.
Edited by Scorpion451Maybe you're right. It doesn't fit perfectly with either of those descriptions. I'd say Primordial Chaos fits most with tints of Spirit World, Valhalla/greek Underworld and Place Beyond Time. Mysterious Mist doesn't fit at all. Maybe in the name only.
Thanks!
@Malco: Background Magic Field would somewhat work for the magic in the setting, but magic and Mists are two different pair of shoes. :)
Edited by Jesthor

The Mists in the Guild Wars franchise.
They are the vague foundation of the universe. From there you can enter any place in time or space. As a narrative they are the perfect Deus ex Machina to introduce interesting Dungeons without further explanation.
It's known to make copies of real things and it contains afterlife. "The Lifestream" doesn't fit, since there is more than afterlife to it.