I know when inductive loads are de-energized, the magnetic field collapses and dumps the energy back onto the power line.
As far as I know, "Reflected Waves' occur on high frequency circuits such as the output of VFDs and are a result of a mismatch between the carrier frequency of the VFD (2-8 kHZ) and the impedance of the circuit. This can result in up to 1,600 volts appearing at the motor terminals, depending on the circuit length. Termination kits are available from most VFD manufacturers to help minimize the problem.