The Image Color Table (ICT) is a table used in graphics to define a color palette for images. It maps the color indices in an image to specific colors. Color Space, on the other hand, is a set of rules for defining colors. It includes the range of colors, their brightness, and the methods for converting from one color space to another. Common color spaces include RGB, CMYK, and HSV. Understanding these concepts is crucial for image processing and graphics design.