Redundancy Factor, rho, pertains to the entire seismic force-resisting system, and has a value of either 1.0 or 1.3. See 12.3.4.1 and 12.3.4.2 in ASCE 7 to determine which value is applicable to your system.
Overstrength Factor, omega, pertains to elements along the seismic force-resisting load path that are not capable of resisting seismic forces through inelastic behavior. Typically, this includes load transfer conditions--elements supporting discontinuous walls or frames, collectors, etc. Be careful, though...sometimes omega is triggered in SDC C, as for collector design.
There are a whole host of exceptions for both factors, rho and omega. I would make sure to understand all of these, and when they are applicable.
Omega is the ratio of base shear at initiation of failure mechanism to the design base shear in a structural
system. It is a measure of the reserve capacity of an entire structure to resist MCE acceleration. Values of Omega are tabulated by systems, not elements.
Rho is a 30% penalty for lack of redundancy in a structural
system in order to delay the formation of a collapse mechanism under the design spectral response acceleration The penalty is not applied in some cases including when an
element of the system is designed by choice using Omega in SDC A, B, and C. If it is only a Non-Parallel irregularity in SDC C, the penalty is not waived and 1.3 must be used, not 1.0.
Omega is the ratio of base shear at initiation of failure mechanism to the design base shear in a structural
system. It is a measure of the reserve capacity of an entire structure to resist MCE acceleration. Values of Omega are tabulated by systems, not elements. Omega encompasses the purpose of Rho, but not the other way around. Rho cannot be used in SDC D,E,F.
IMO, both Rho and Omega are systems based. They are not specified on the basis of structural elements. Once the loads effect to the members in the structural system is calculated using Rho or Omega as applicable, then the design of the elements such as foundations, collectors, connections etc follows from that.