Instantaneous speed is defined as instantaneous velocity, which is the derivative of the position equation of a particle, indicating speed without direction. Instantaneous acceleration is determined as the limit of the change in velocity divided by the change in time as time approaches zero, effectively the derivative of velocity. To find these values, one typically takes derivatives of given equations for velocity or position, such as x=a+bt+ct^2. For specific time points, like t=1, the derivatives yield instantaneous velocity and acceleration values. Understanding the relationship between acceleration and velocity is crucial, as acceleration measures the rate of change of velocity.