yellow man vs oriental person

yellow man and oriental person both are nouns.

Word	Noun	Adjective	Verb	Adverb
yellow man	Yes	No	No	No
oriental person	Yes	No	No	No

As nouns, oriental person is a hypernym of yellow man; that is, oriental person is a word with a broader meaning than yellow man:

yellow man: offensive term for an Asian man
oriental person: a member of an Oriental race; the term is regarded as offensive by Asians (especially by Asian Americans)

Other hypernyms of yellow man include adult male, man.

yellow man (noun)	oriental person (noun)
offensive term for an Asian man	a member of an Oriental race; the term is regarded as offensive by Asians (especially by Asian Americans)