In my opinion, there really isn't a difference other than physical size. Both take a single frame in history, or whatever the case may be and tells the story in the given space. Perhaps, if you wish to split hairs, the vignette focuses on a single aspect of the larger picture. You imagination is required to fill in the rest of the surrounding space.
Though I think it may be a little more difficult for the builder to articulate the story to the viewer with a vignette.
my two bits worth.
Later edit: I didn't realize that the same conclusions were already voiced by others in earlier posts.
Sorry to sound as though a broken record.