High resolution electron beam lithography and reactive ion etching in methane-hydrogen (CH4/H2) plasmas have been used to fabricate InGaAs/InP open quantum well wires (QWW) with widths ranging from 200 to 40 nm and quantum dots (QD) with diameters ranging from 600 to 100 nm. Low temperature photoluminescence (PL) spectra were investigated in these nanostructures as a function of excitation intensity, wire width, and dot diameter. The peak emission of the dry-etched 40 nm wires is shifted to higher energies by about 2 meV as compared to 100 nm wires. This `open wire' result is consistent with results reported for buried InGaAs/InP wires of the same width. The blue-shift of the PL peak reaches 10 meV in QDs as their diameters decrease to 100 nm. The magnitude of the observed blue shift in the QDs is larger than the blue-shift predicted on the basis of quantum confinement for the same size dots.