water spirit vs water sprite

water spirit and water sprite both are nouns.

Word	Noun	Adjective	Verb	Adverb
water spirit	Yes	No	No	No
water sprite	Yes	No	No	No

As nouns, water spirit and water sprite are synonyms defined as:

Other synonyms of water spirit include water nymph.

water spirit (noun)	water sprite (noun)
a fairy that inhabits water	a fairy that inhabits water
	aquatic fern of tropical America often used in aquariums