Upconversion refers to the ability to route a signal from lower quality connection to higher quality connections. Eg. composite -> component or composite -> HDMI or Component -> HDMI. etc.
Upscaling refers to the ability to change the resolution of input signal before outputing it, and to a higher resolution than the input. Eg. 480i -> 480p or 480i -> 720p or 720p -> 1080p or 720p -> 1080i. etc.
Down conversion and down scaling refer to the reversed.