Ok, sorry about the phrasing. I'll use some numerical examples.
Say I have a set of numbers {2,6,8,5,7}. The 2 occurs at x=1 and likewise onwards (i.e. x = 5, y =7). From these points, assume I have a polynomial that fits the distribution. Then, let us say I have another set of numbers {1,4.6,7,9,5} again the first number occurs at x=1 and so on. Then I obtain a polynomial of the same degree that fits the distribution as well.
Now, I realize that I could treat this all as a single data set, so that at x = 1 I have a y value of 2 and 1 and so on. Unfortunately, I can't figure out how to do this in Excel or Mathematica. Alternatively, I also have both equations for the polynomial. What I need is a third polynomial such that for all the x values from 1 to 5, the 3rd polynomial has its y values such that they are a minimum distance away from the other two data points. I know that basically this curve is going to be inbetween the other two, but I just don't know how to generate it. Or how to set up a program to allow for relations instead of functions (that is 2 y values for a single series).