Both of them can mean to commit time and effort, or loyalty, to someone or some purpose.
"He devoted his life to music."
"He was devoted (committed) to his wife."
However, you can honor someone by acknowledging them in some poem, book or gift.
"He dedicated his book to his wife, Jane." = In the front of his book, he wrote "Dedicated to my wife, Jane"
It can also be in memory of someone who has died.
"He dedicated the poem to his late father."