Generator and motor effects utilize essentially the same formulas, with the primary distinction being the sign used in calculations. The generator convention applies when current and voltage rise in the same direction, indicating that the circuit element is producing power. Conversely, the motor convention assumes current flows opposite to voltage, signifying that the element is consuming power. These conventions are crucial in electrical engineering for understanding polarity. Overall, the differences lie in the interpretation of current and voltage relationships rather than in the formulas themselves.