water sprite vs water spirit

water sprite and water spirit both are nouns.

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

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

Other synonyms of water sprite include water nymph.

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