The translation rules are simple:
Mac OS: absolute paths start with the volume name; the separator is a
colon. A pathname starting with a colon is relative, but it's hard to
say to what, since there's no well-defined concept of a "working
folder" in traditional Mac OS.
POSIX: absolute paths start with a /, which is also the separator.
The boot volume is /, any other mounted volumes are /Volumes/volname/.
Relative paths start with a name with no leading /.
A file that shows up in the Finder as "foo/bar" will show up in the
shell as "foo:bar".