Photo Source. Helichrysum essential oil (Helichrysum italicum) is made from the steam distillation of the flowers of the plant. It's pricier which is probably why it's not one of the more common essential oils, but after reading all this I'm sure you'll agree, it probably should be.omplimentary Oils. Helichrysum essential oil blends well with Rose, Clary Sage, Geranium, Lavender, or other spice and citrus oils. Depending on your uses for this oil, substitutes may include: Jasmine Absolute, Sandalwood, Frankincense, or Lavender essential oil.