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WHAT THIS MEANS
While this could be talking about Wanda's own brand of witchcraft, similar to Doctor Strange, it's more than likely talking about her ability to change reality on a whim. Wanda exhibited this ability most famously in the comic book story “House of M,” in which Wanda recreates the world to be ruled by mutants instead of humans, while also granting everyone's deepest desires.

It's possible that during this magic show, while using her powers, Wanda might alter reality in a minor way, such as changing the shape of furniture, adding color to the world, or erasing an audience member from existence. As for why Olsen says this new ability is important in the context of the magic show, it could be related to Wanda's line to Vision about how “something strange happened” before, during, or after the magic show.