I came across some great tips in this article written by Sam O’Sullivan of theproaudiofiles.com about compression and limiting as I was doing my daily audiophile roundup. There are two important distinctions between compression and limiting. The first distinction involves function and design. With limiters, the signal gain increases as it approaches the threshold, while compressors do not affect the signal below the threshold. The second distinction involves use. Limiters are very prevalent in radio and television broadcast, and have been since their inception, whereas compressors are used more in specific studio or post-production processes.
Check it out in full here:
Compression vs. Limiting – An Important Distinction