Yes, there is. "Estacion" means 'season'. Like winter, spring, summer, and fall. 'Temporada' is more like a period of time. You would use 'temporada' if you were telling about a season that's sort of irregular. Like a TV show's season or football season. Or if you said, "La temporada de marzo a junio". It's a period of time more than an actual season. 'Temporada' is also used in 'temporada alta' and 'temporada baja'. For example, during 'La temporada alta', hotel prices are higher because many people stay there. Estacion and temporada aren't interchangeable. I hope that makes sense. :-)
That would be a literal translation; however, words are most often translated to best approximate their idiomatic use in everyday language. If you wanted to literally say "period of time" in Spanish, just say "período de tiempo".
That's how synonyms work. You have a word that can encompass a meaning of another word or even an entire phrase. In English, you would say "There is a season, turn, turn, turn" and not "There is a period of time, turn, turn, turn".