Morphological awareness allows us to understand the meaning being conveyed to us when we speak and write. Morphemes are the smallest units of meaning in languages and can be combined for complexity. For example. Jump and - ing are two morpheme that can be combined to make jumping.
Phonological awareness has to do with the sounds in spoken language without regard to the written word. The pronunciation of words is often not as it would seem based on the written word itself, which is why children may spell words phonetically. E.g. L-Y-N rather than LION.