Blessing of Sanctuary: This blessing is a must have Ragnarok online zeny for a serious paladin tank, even though it requires you to spend twenty points in the Protection talent tree. For ten minutes all of your incoming damage is reduced. (Higher ranks reduce more damage) and every time you block with a shield the attacking monster takes a small bit of holy damage.
The damage reduction is good, but the extra holy damage once again creates more threat for you. Since it is a talent it might not always be available but if it is, use it. There are situations where you do not want to use it though.
If you are tanking an encounter that you are over geared for the enemy might attack you and deal zero damage. This causes all kinds of havoc with your threat generation so when fighting thinks much weaker than you consider clicking it off.
Avengers Sheild: This is the ultimate pally tank ability. Not only does it deal a huge amount of holy damage, but it is also a ranged attack and affects multiple units. As an extra bonus, it no longer breaks CC.
Use this when pulling a group and you will be way ahead on threat for several seconds. Since it is mana intensive, has a long cool-down and has a cast time you should not try to use it in the middle of a fight.