Bracket
They are the same event. If you win the losers bracket you play against the winner of the winners bracket in the grand finals.
I should probably add at this point a slight detail that may be subject to debate a bit later. The way I've seen this being used before is that in the grand finals the team coming from losers bracket would have to beat the winners bracket team twice. Otherwise there would be two teams that lost once, and it wouldn't necessarily provide a clear winner. It would also provide another incentive for people to not get sent into the losers brackets.