In this context, "realistic art" is art that has certain qualities that make it look 'real' to me (the quality of the models, skin textures, lighting, etc.) while "real-looking women" are women who aren't "model pretty" and don't have unrealistic proportions, etc.
For example:
This image is a good example of the first. Let's face it, she's "model pretty" (unless I don't understand what that even means), but the quality is so good you might think it was a photograph if you scrolled past it.
While this:
would be an example of the second. She's clearly meant to be an older woman (it shows in her face), but the colors and the overall style is
unrealistic in that it's obviously drawn.
Now you may think that what I'm really saying is that "realistic" means 3D and maybe even that I mean that "real-looking women" is 2D. Not the case. There is a LOT of overlap between the two.
For example, a "real-looking" woman done with "realistic" art:
And a woman done in "realistic" 2D art:
Note that she's got friggin' ELF ears yet is drawn in a style that somehow makes it look 'realistic'.
