Both the terms "Packet Delay budget" and "Packet Error Loss Rate" are generic. I meant to say both terms are used in various technologies including LTE.
Packet Delay Budget : This IE informs to network nodes that how much delay can be tolerated for the packets passing through a particular EPS bearer. EPS bearer is a combination of radio and core network bearer.
Packet Error Loss Rate: This IE informs to network nodes that how many packets can be lost of total transmitted packet.
Packet Delay budget is time restricted term while Packet Error Loss Rate is related to number of packets.
For example : In LTE, a bearer with QCI value 1 has 100 milliseconds as packet delay budget and 1 out of 100 packet loss error rate.