Recipes show us the materials in a glaze but formulas list oxide molecules and their comparative quantities. Oxides construct the fired glass. The kiln de-constructs ceramic materials to get the oxides, discards the carbon, sulfur, etc. and builds the glass from the rest. You can view glazes as recipes-of-materials or as formulas-of-oxides. Why use formulas? Because there is a direct relationship between the properties a fired glaze has (e.g. melting range, gloss, thermal expansion, hardness, durability, color response, etc) and the oxides it contains (links between firing and recipe are much less direct). There are 8-10 oxides to know about (vs. hundreds of materials). From the formula viewpoint materials are sources-of-oxides. While there are other factors besides pure chemistry that determine how a glaze fires, none is as important. Insight-live automatically shows you the formulas of your recipes and enables comparing them side-by-side. Click the "Target Formula" link (on this post at digitalfire.com) to see what each oxide does.
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