Physical education and Physical exercise

Physical education noun - Training in the development of and care for the human body; stresses athletics; includes hygiene.

Physical exercise and physical education are semantically related. In some cases you can replace phrase "Physical exercise" with "Physical education", this phrases are similar.

Physical exercise noun - The activity of exerting your muscles in various ways to keep fit.

Physical education and physical exercise are semantically related. You can use "Physical education" instead a noun phrase "Physical exercise".