Some use the terms interchangeably, but a Relocate operation commonly refers to a storage vMotion, i.e. moving the VM files from one datastore to another on the same physical host.
Contrary, a Migration refers to a normal vMotion that only moves the VM's memory and compute state from one physical host to another. The VM files remain untouched on the same storage location.
Since vSphere 5.1 they also introduced what's commonly called "enhanced" vMotion (shard-nothing migration), it allows you to live-migrate VMs to another physical host and datastore at the same time.