It will be easier if I start with time-like congruences instead because there the equivalence classes are not necessary. The Ricci and Weyl tensor can again be related to hydrodynamical quantities associated with time-like congruences although not in a manner as elegant as with null geodesic congruences. I'll try to be more thorough this time!
Imagine we have a swam of (non-colliding) test particles in some region of space. The worldlines of the test particles in the swarm form a (normalized) vector field, ##\xi^a##, which fills some open subset ##U## of a space-time ##(M,g_{ab})##, such that through each event ##p## in ##U## there passes exactly one worldline (because the particles in the swarm are non-colliding). This is called a time-like congruence in ##U##.
Now define the tensor field ##h_{ab} = g_{ab} + \xi_{a}\xi_{b}##. Let ##p\in M##; ##T_p M## denotes the tangent space to ##M## at ##p##. If ##V^a \in T_p M##, then ##h^{a}{}{}_{b}V^b = V^{a} + \xi_b V^b \xi^a## is the projection of ##V^a## onto the subspace ##T^{\perp}_p M \subseteq T_p M## of vectors perpendicular to ##\xi^a## at ##p## because ##h^{a}{}{}_{b}V^b\xi_a = V^{a}\xi_a - \xi_b V^b = 0##. We can think of ##h_{ab}## as a spatial metric relative to a family of observers comoving with the swarm of test particles (i.e. a family of observers whose 4-velocity field is also ##\xi^a##). We can essentially use the swarm of test particles and the comoving family of observers interchangeably.
Consider now a time-like geodesic congruence i.e. one for which ##\xi^b \nabla_b \xi^a = 0##. Pick a reference geodesic ##\gamma_0## in the congruence and at some event ##p## on the geodesic, imagine that an observer described by ##\gamma_0## erects a vector ##\eta^a## such that ##\eta_a \xi^a = 0## at ##p##. Then, at ##p##, ##\eta^a## represents the separation (i.e. displacement) vector from this observer to an infinitesimally nearby observer in the family. ##\eta^a## gets lie transported along the chosen observer's worldline i.e. ##\mathcal{L}_{\xi}\eta^{a} = \xi^b \nabla_b \eta^a - \eta^b \nabla_b \xi^a =0##; this is because ##\eta^a## will always remain pointing from the chosen observer to the infinitesimally nearby observer. Note that ##\xi^b \nabla_b (\xi^a \eta_a) = \eta_a \xi^b \nabla_b \xi^a + \xi^a \xi^b \nabla_b \eta _a = \eta ^b\xi^a \nabla_b \xi_a = 0## so ##\eta^a## always remains orthogonal to ##\xi^a##.
Now we can define the (relevant) hydrodynamical quantities. The expansion ##\theta## is defined as ##\theta = h^{ab}\nabla_a \xi_b = (g^{ab} + \xi^a \xi^b)\nabla_a \xi_a = \nabla_a \xi^a## i.e. it is just the divergence of the 4-velocity field. One can show that if an observer carries an infinitesimal space-time volume ##V## along his worldline, then ##\theta = \frac{1}{V}\xi^a \nabla_a V## i.e. if you imagine ##V## as describing a small spherical volume of test particles from that swarm mentioned earlier (centered on the chosen observer) then ##\theta## measures how these particles expand away from or contract towards said observer. The shear ##\sigma_{ab}## is defined as ##\sigma_{ab} = \nabla_{(a}\xi_{b)} - \frac{1}{3}\theta h_{ab}## (the curved brackets in ##\nabla_{(a}\xi_{b)}## represent symmetrization, if you haven't seen that before). If you consider again a small spherical volume of test particles centered on the chosen observer, then ##\sigma_{ab}## measures the deformation of this spherical volume into an ellipsoidal volume. The third quantity ##\omega_{ab} = \nabla_{[a}\xi_{b]}## measures the (local) rotation of the congruence (the square brackets in ##\nabla_{[a}\xi_{b]}## represent antisymmetrization); ##\omega_{ab}## is essentially just the curved space version of the curl from vector calculus.
If we imagine a situation where ##\sigma_{ab} = \omega_{ab} = 0##, the evolution equation for ##\theta## comes out to ##\xi^{a}\nabla_{a}\theta = -\frac{1}{3}\theta^{2} - R_{ab}\xi^a \xi^b## so the Ricci tensor determines the rate of change of the expansion along the congruence when both the rotation and shear vanish. Now if we imagine a situation where ##\theta = \omega_{ab} = 0## and ##R_{ab} = 0## (i.e. vacuum) then the evolution equation for ##\sigma_{ab}## becomes ##\xi^{a}\nabla_{a}\sigma_{ab} = -\sigma_{ac}\sigma^{c}{}{}_{b}+ \frac{1}{3}h_{ab}\sigma_{cd}\sigma^{cd} + C_{cbad}\xi^{c}\xi^{d}##. As you can see, it isn't as nice as before but you can still make note of the fact that in vacuum, the Weyl tensor determines the rate of change of the shear along the congruence when both the rotation and expansion vanish. Clearly if we have non-vanishing expansion, rotation, and/or shear (and are not necessarily in vacuum) then the evolution equations are much more complicated and ##R_{ab}, C_{abcd}## both come into play for the evolution of all the aforementioned hydrodynamical quantities.