We start with 16 equations that relate the shape of space-time with matter or energy occupying. We can write this concisely as:
[math]G_{ab} = \kappa T_{ab}[/math] (don't worry what [imath]\kappa[/imath] means, it's just a bunch of scaling constant anyway)
[imath]G_{ab}[/imath] gives you the shape of space-time and [imath]T_{ab}[/imath] gives you the corresponding distribution of matter and energy. Let's say [imath]T_{ab}[/imath] is chosen to represent a planet of mass [imath]M[/imath]. Well, you compute [imath]G_{ab}[/imath] to get the associated curvature of space-time. You can observe space-time by firing a beam of light across the region [imath]G_{ab}[/imath] describes. The light will travel along the most direct path from its origin in the direction you aimed for. With the right instruments, you can convince yourself that the light bends as the surface it's traveling across does. Voi la, you've just observed space-time.
Space-time isn't material. Material is encoded in the right side of the equation [imath]T_{ab}[/imath]. Space-time is hybrid construct of dimensions of measure. It's the thing that on which you place a coordinate system. Many physicists and cosmologists find it perfectly legitimate to talk of space-time as a physical thing, but personally I think that's confusing. They're not trying to say that space-time is an object with mass or energy, they're simply trying to say that space-time is coordinate-free constraint on the motion of objects described by [imath]T_{ab}[/imath].