Trackback will show you another website that linked to your content. Because they linked that doesn't mean that people click on the link and come to your website. It is more focused in how your content is rewarded by getting linked from other web sites. Referral traffic is traffic coming from other domains. People have to come to your site. In a simple scenario, let's assume that someone links to your content and two visitors on the other web site visit the page. The first visitor simply read the article and the second visitor reads the article and clicks into the link. In both cases you will see the domain in the trackback report but only in the second case you will receive referral traffic from that domain.
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