First off, this artifact can affect you and more than one of your creatures so I'm not sure why you chose to make it an Equipment, it would be fine as a regular artifact. I assume you mean that Fall Counters are put on specific creatures or players and prevent damage only to things they're removed from, otherwise it should say "Put X Fall Counters on Shock Absorbers" (and it would be completely overpowered). If this is so, I would change the wording to "When Shock Absorbers is equipped to a creature, distribute X Fall Counters any way you choose among yourself and creatures you control. Remove a Fall Counter from target creature or player: prevent all *combat?* damage that would be dealt to target creature or player this turn. If there are no Fall Counters in play that you control, sacrifice Shock Absorbers. If Shock Absorbers leaves play, remove all Fall Counters you control from the game."
now that i look at it, i do agree that it shouldnt have to be equipped. and no. the fall counters are not supposed to be put on specific creatures. yea that kinda makes it overpowering... but then again... this isnt a real card, i based its effects off of Portal