Readers Digest Version....
Application Suites is basically everything listed in your add and remove programs (expected nested entries since LANDesk still does not support those)
Packages is from Software License Monitoring (SLM) - files your are tracking with SLM
You need both becuase add and remove programs does not always list information such as version, file names, etc..., whereas packages do. Also SLM gives you the flexibility to add file information that is not listed in Application Suites (version, path, company information, etc...)