Refresh pulls back metadata (object defs, triggers, page layouts etc) from Salesforce (login specified in the project properties) into your Force.com Eclipse IDE locally.
Deployment pushes the metadata from your Force.com IDE (locally) to the Salesforce environment of the login that you specify.
Refresh pulls back metadata (object defs, triggers, page layouts etc) from Salesforce (login specified in the project properties) into your Force.com Eclipse IDE locally.
Deployment pushes the metadata from your Force.com IDE (locally) to the Salesforce environment of the login that you specify.