ΔE 20.4, loose: different enough that you should pick on purpose. Light Violet is a little lighter, much more saturated, cooler than Faded Purple.
Not as a straight swap; see the closer alternatives below. Loose match (ΔE 20). Light Violet is a little lighter, much more saturated, cooler than Faded Purple.
The same difference applies the other way round: Faded Purple is a little darker, much more muted, warmer.
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.
See Faded Purple on the colour wheel See Light Violet on the colour wheel
All matches: Faded Purple equivalents · Light Violet equivalents