Applies To
Sequence list view stats/metrics counter
Sequence States
Answer
If you're looking at the stats and metrics counter from the Sequence list view page, the Replied counter will account for both the emails that were replied to AND prospects that are in a 'replied' Sequence State. Think of the sequence state as "where the prospect is in the sequence".
Email replies are simply emails that the prospect replies to.
'Replied' sequence state is when a prospect has been marked with this state when a task was completed, or from a bulk action. Completed phone calls to the prospect where they answered the call could be considered a 'replied' state, or tasks that were manually marked as 'Finished (replied)' are also considered.
In the below screenshot, notice how the sequence replied counter shows a total of 4:

This could mean email replies or prospects in the sequence state of 'replied'.
When you go into the Sequence and view the Emails tab, it may show only 1 email was replied to:

However, if you go to the Prospects tab of the sequence and filter by State > is > Replied, you will see the total as you have to remember that this will also account for prospects that were marked as 'Replied'.

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