You can buy Dremel wool polishing pads with mounting shafts from a home improvement or hardware store.
They twist onto the shaft like a nut on a bolt.
The shaft doesn't go all the way through the pad.
Eventually and after heavy use, the pads will split down the middle or twist the center out and fly apart. ¹⁾

Dremil polishing pad mounted to a threaded shaft 2)

To help keep the pad from spinning off the shaft, you can mount it to a metal cutting wheel mandrel.
Add a small washer over the attaching screw and snug it down against the pad.
It doesn't have to be real tight.

Dremil pad mounted to a cutting wheel mandrel 3)

The mandrel and polishing shafts are re-usable.
Alternately, you can save all the worn out and broken shafts from Dremel rasps and small grinding disks.
Then, re-use them as a mount for the wool polishing pads using epoxy to keep them on.
The old grinding disk axles can be pushed all the way through the polishing pads and they don't split down the middle so bad. ⁴⁾

Once the pad is worn out, just install another one on it.
To make the pads last longer, you can use JB Weld epoxy to mount them on the original shafts. ⁵⁾

Buying in bulk:

For about the same price as you pay for 6 of the Dremil pads, you can order a big bag of 100 polishing pads (including a few mandrels) online (Amazon, Ebay and etc.).
They are the same pads, same quality, and last the same. ⁶⁾

Below are some wool polishing pads that were glued to mandrels.
The larger ones are the 7/8“ pads. They will last a very long time mounted with epoxy.
But you need to let them cure over night before use for best results.
The two smaller ones laying down behind them are 3/8” pads.
They are good for getting in tight places. ⁷⁾

Polishing wheels for Dremil type tools 8)

Loading too much polish on the wheel smudges and doesn't help you cut the metal.
Pressing too hard while working also gathers and compresses polish into the wheel.
Use this to unload excess polish and fine metal particles from the wheel and recondition the edge.

Wheel rake 9)