The Realm of Shadows may be the same World of Shadows as the one that becomes visible when a [Elixir of Shadows] is consumed. It may also have something to do with shadow magic and shades. Death knights, necromancers, and undead as a whole share a strong connection with the Realm of Shadows from many hints that can be seen in-game. In the death knight starting zone, death knights are given the task to enter the Realm of Shadows in order to gain their Deathcharger. Later on, death knights are eventually able to learn the ability [Raise Ally] which pulls their ally's spirit back from the Realm of the Dead and forces it back into their body. Upon doing so, a buff is applied to the player stating that: "A touch of the spirit realm still lingers..." This shows that death knights and necromancers both have a connection to the Realm of the Shadows/Dead to perform necromancy which furthers the idea that they actually are drawing their magical power from it.
In the opening cinematic, Sylvanas shatters the Helm of Dominion, breaching the veil between the material realm and the Shadowlands, an ancient dimension where the dead coalesces for judgment. Sylvanas' actions have upset the natural balance between life and death, and it's on players to enter the Shadowlands itself and repair the cycle before it is too late.
In classic World of Warcraft expansion "Wrath of the Lich King," Alliance soldier Bolvar Fordragon replaced Arthas Menethil as the avatar of the Lich King, ruler of the undead Scourge on Azeroth. Pledging to keep the ravenous dead at bay, Bolvar was sealed into the Frozen Throne, entombed in the haunted armor of the Lich King. It looks as though Bolvar is set to play a central role in the next WoW expansion, tentatively dubbed "Shadowlands."
For the first time since the release of World of Warcraft in 2004, Shadowlands will involve a level reduction ("level squish"), with player characters at level 120 (the level cap in Battle for Azeroth) reduced to level 50, with level 60 being the new level cap (as it had been in the original game). In what Blizzard has called a "New Game+ experience", newly-created characters will have an updated starting experience on an island called "Exile's Reach", which will introduce them to the game and its systems. For players new to World of Warcraft, characters who finish the starting experience on Exile's Reach will proceed to Battle for Azeroth content, while veteran players who create new characters can choose the expansion experience they wish to play through to level 50, at which point they would proceed to the Shadowlands.
Furthermore, upon the Lich King's death he even spoke of "Seeing only darkness before him" while Sylvanas Windrunner said the same in Silverpine Forest after being risen from the dead by the Val'kyr. This may hint that because undead, death knights, and necromancers are connected to the Realm of Shadows when they die (again) they actually become apart of the Realm of Shadows and are forced to wanders in its dark mists for the rest of eternity. If this is so, then it can also be implied that when a death knight is given his/her own personal runeblade, the runeblade is actually used to bind the individual to the Realm of Shadows in mind and body, making it impossible to ever be rid of the death knight curse. In Howling Fjord, players are even able to witness the Lich King himself standing within the Realm of Shadows with two Val'kyr. The idea that necromantic magic and death knight runes drawing power from the Realm of Shadows itself is not yet proven, but it is heavily supported by in-game quests and lore.