The Ethereal Dreamer has the following ability: Reaction: After the conflict phase begins, choose a ring – until the end of this phase, this character gets +2(Military) and +2(Political) while that ring is being contested.
Seeker of Knowledge: While this character is attacking, the contested ring gains the Air element. If this character wins the conflict as an attacker, you may choose which of its ring effects to resolve.
If the Phoenix declares a Fire conflict and assigns the Ethereal Dreamer as an attacker, then during the conflict puts the Seeker of Knowledge into the conflict, the ring gains the Air element. Thus, shouldn't the Dreamer gain +2M and +2P?