The words vaginal estrogen can sound like one treatment category. In practice, the vagina can be the application site for a medicine intended mainly for nearby tissues or for one that provides systemic estrogen treatment. That difference matters when you are trying to understand a prescription, especially if the package contains a ring.
Two verified examples make the distinction concrete: Estring and Femring are vaginal ring products with different prescribing information and treatment roles. This guide uses their labels to explain the questions to ask. It is not a recommendation to choose either product, a comparison of personal outcomes or an instruction to exchange one for the other.