Ah sudher... With respect to three phase systems, PHASE LOSS is the total loss of one of the three phases. Often this results in the destruction of any loaded three phase motors in short order as their torque drops significantly, so they slow significantly, which increases the current thru the motors way beyond spec.
VOLTAGE IMBALANCE is when one or more phase voltages are significantly different. For instance 208, 208, 200. This is of course far less serious but will still result in shortened motor life if it is a chronic problem.
As you probably know you can buy Phase Monitors that allow you to set the percentage/voltage imbalance allowed between phases before triggering a motor disconnect. Of course a phase loss will be concidered a bad phase imbalance and trip out also.