A spectrum analyzer dissects a signal into its frequency components, displaying their strengths, while a network analyzer combines transmission and reception capabilities to assess signal integrity and circuit parameters. Spectrum analyzers operate like radio receivers with a wide tuning range, utilizing heterodyning to convert and visualize signals. Network analyzers can identify issues like 'ghost' packets and measure parameters such as reflection and transmission coefficients, often used in RF applications. They provide detailed insights into circuit behavior, including phase and group delays. Understanding these tools is crucial for effective signal analysis and troubleshooting in various electronic applications.