Bit resolution determines how finely you can distinguish differences in voltages for a signal. Time resolution determines the difference in time from one sample to another. The higher the sample rate used to acquire a signal the shorter the time duration between samples gets thus resulting in a better time resolution. Usually there is a trade off between speed and accuracy for digitizers so the faster the signal is acquired the less accurately it is measured. Some devices such as the PXI-5922 allow for a flexible resolution depending on the speed the signal is acquired at. However, most instruments have a fixed bit resolution regardless of the sample rate used.
To select the proper device you need to consider two questions:
- What is the smallest duration of time that you want to pass between samples? (time resolution)
- What is the smallest difference in amplitude that you need to detect on the signal? (bit resolution)
Depending on what your answers are to the questions above both digitizers may be able to meet your requirements. If you are measuring time of flight information you may need to synchronize with other devices using triggers, etc. Therefore the digitizer's synchronization ability would also be important to consider.