Transparent Red vs Ink Yellow

How close are they?

ΔE 54.9, loose: different enough that you should pick on purpose. Ink Yellow is noticeably lighter, more saturated, warmer than Transparent Red.

Can I use Ink Yellow instead of Transparent Red?

Not as a straight swap; see the closer alternatives below. Loose match (ΔE 55). Ink Yellow is noticeably lighter, more saturated, warmer than Transparent Red.

Can I use Transparent Red instead of Ink Yellow?

The same difference applies the other way round: Transparent Red is noticeably darker, more muted, cooler.

ΔE is the colour difference between our two swatch estimates: under about 6 is close, over about 15 is loose. Real paints also differ in finish, coverage and how they thin, so test before you commit.