The equation ε=ΔV/r applies to both parallel plates and point charges, but its accuracy varies. For parallel plates, it provides a good approximation, while for point charges, the equation is an approximation that improves with smaller distances. The correct electric field value is derived using calculus, specifically through the limit as Δ approaches zero, leading to E=-∇V. This highlights that while the equation can be used in both scenarios, the nuances of electric fields require more precise calculations for point charges. Understanding these differences is crucial for accurate electrostatic analysis.