Yes they are different. Via Config Editor:
Logging:
1. In the Configuration Editor, select the Diagnostics node.
2. In the right pane, click Enable MessageLogging.
This will create ServiceModelMessageLoggingListener and
System.ServiceModel.MessageLogging nodes under the Listeners and Sources
folders, respectively.
3. In the left pane, select MessageLogging under the Diagnostics node.
4. Set the LogMessagesAtServiceLevel attribute to True by choosing this option
from the drop‐down list.
5. In the left pane, select ServiceModelMessageLoggingListener under the
Listeners node.
Note the default value of the InitData attribute, which is set to
c:\inetpub\wwwroot\WCFService\web_messages.svclog, the location where the
message will be logged.
Tracing:
1. In the Configuration Editor, select the Diagnostics node.
2. In the right pane, click Enable Tracing.
This will create ServiceModelTraceListener and System.ServiceModel nodes
under the Listeners and Sources folders, respectively.
3. In the left pane, select ServiceModeTraceListener under the Listeners node.
Note the default value of the InitData attribute, which is set to c:\inetpub\wwwroot\WCFService\web_tracelog.svclog, the location where the
trace message will be logged.
4. In the Configuration Editor, on the File menu, click Save.
Again from WCF Security Guidance:
WCF Message Logging allows you to log malformed Simple Object Access Protocol
(SOAP) messages or to trace incoming messages. It allows you to specify different
logging levels that you can use to diagnose and analyze your applications in case of any
problems.