phrasing vs formulation

phrasing and formulation both are nouns.

Word	Noun	Adjective	Verb	Adverb
phrasing	Yes	No	No	No
formulation	Yes	No	No	No

As nouns, formulation is a hypernym of phrasing; that is, formulation is a word with a broader meaning than phrasing:

Other hypernyms of phrasing include expression.

phrasing (noun)	formulation (noun)
the grouping of musical phrases in a melodic line	inventing or contriving an idea or explanation and formulating it mentally
the manner in which something is expressed in words	the style of expressing yourself
	a substance prepared according to a formula