It's rather simple: one is additive and one is multiplicative.
If you have a default line spacing of LINE_SPACING
and use:
float x = 2;
float y = 1.5;
setLineSpacing(x, y);
The resulting line spacing will be 1.5*LINE_SPACING + 2
It is important to note that the multiplication happens first! This follows the conventional order of operations (multiplication before addition).
See the docs here: http://developer.android.com/reference/android/widget/TextView.html#setLineSpacing(float, float)
In the future, it might be wise to look up such documentation first. ;)