When to use describedby:
For example you have a close button:
<button aria-describedby="closeReadable">X</button> <p>Some kind of content</p> <p id="closeReadable" class="visuallyHidden">Close this window</p>
When to use labelledby:
For example you have Billing section, inside you have address field. Just memtion address to the user, they won't understand, it is better to say "Billing address":
<h4 id="bukkubg_header">Billing </h4> <label for ="form_address" id ="form_address"> <input type="text" name="form_address" aria-labelledby="billing_header form_address" /> </label>