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I have been wondering whether or not Runes of Witnessing is worth it or not...
I am not 100% sure about the Math...

Can someone show me if on paper it is worth it or not?

If you play vs. Nids it is wort it.it helps a lot with SotW. Against other armys it only matters if psykers are a crucial part of your stratagy.

I always take because I HATE failing lol. It's less required if there is a warlock with embolden in the unit.

When I NEED fortune to go off, like in a seer council or a harley star, I always take it.

It's worth it, if you think there is ANY chance that your opponents will themselves field a Farseer with Runes of Warding. Because if they do so, your own Farseer now has only a 50/50 shot to get off a power when he needs to.

In my first big 6th ed tournament, I brought a Farseer with Fortune leading a squad of Harlequins. Two of my three opponents fielded Farseers of their own, and my Fortune was completely unreliable. It costs 100pts for a Farseer with Fortune and Runes of Warding. It only costs another 10 points to make him reasonably reliable in the event that your opponent also brings a Farseer with Runes of Warding. Is that 10pt insurance policy worth it? You need to judge the odds that you'll run into that situation.

Runes of witnessing slightly increases your chances of perils (double 1's) but also increases your chance to cast the power. Embolden is better if you can get a warlock in the same unit.
I usually don't take runes of witnessing unless I have spare points or I am taking Eldrad and he comes with them standard.

Do you want your powers to always work or sometimes fail?

Sure the Perils chance is increased, but also ignored on a 3+.

Witnessing is still a situational upgrade, you don't take it for the increased chance to cast (its something like a 95% chance changing to a 99% chance, without factoring in Embolden), its mostly there to prevent your casting ability dropping too much against Warding and SiTW.

For a balanced list that doesn't rely on getting powers off then they aren't that important. Staying inside a vehicle protects you from SiTW and your list shouldn't fall over if you fail to cast (or don't attempt) Doom or Guide once. At least you still get Ghosthelm saves, which are one of the only ways to stop Perils doing wounds now.

However if you are running any kind of list that requires powers to work for the list to be viable then they are definitely worth bringing. Usually this means any kind of Deathstar based list, i.e JetCouncil or Harliestar, that becomes significantly vulnerable if it fails to get Fortune up.