Usually they are synonymous. But sometimes there is a difference in meaning. For example:
Не имеет значения - It doesn't matter.
Не имеет смысла - It makes no sense.
3 กุมภาพันธ์ 2015
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The two are mostly synonymous and the difference if rather subtle. I’d say смысл is more of an internal meaning while значение is more of a meaning in relation to other things. Also, значение has another meaning of value or importance.