When civilization was surfacing in those days, the early scientists actually started the dilution process. The process whereby you dilute or mix two or more substances or compounds together is referred to as dilution. In a chemical activity where there is a protocol to observe or follow, and your reaction seems to be concentrated, dilution is a process that you can introduce.
Dilutions are usually expressed in exponential form. When you are reducing the concentration of a particular chemical formula, such a process can also be referred to as dilution. On the other hand, DF or dilution factor simply refers to the ratio of the final volume of the substance over the aliquot volume.
The addition of the diluents and the aliquot volume gives the final volume. Hence, the dilution factor is more or less a formula, while dilution is a process. Diluents, actually, is the substance or material in which the sample or solution was diluted.