DDS2007,
Paph and Phrag culture are similar but not exactly the same. Both like a moisture retentive potting mix, I use the same formula for both. Both, except for the cool Paphs, like similar temperature conditions. The differences are that Phrags like higher light than Paphs and LOTS more water. I and most people I know grow Phrags with their pots sitting in saucers of water. I use the little clear plastic ones you can buy just about anywhere so that the plants are constantly sitting in 1/2 to 1 inch of water. Because Phrags sit in water you must be a little more careful with fertilizing as the salts will build up in the saucer. For a while I tried using a liquid fertilizer which worked well. There are a couple of exceptions (as always). Phrags in the caudatum group (caudatum, existaminodum, walisii, warschewiczianum [sp?], and lindenii) should be grown drier, I water them the same as Paphs - not sitting in a saucer of water, and Phrag xerophyticum (aka Mexipedium xerophyticum) gows even a little drier than that.
I don't know much about these plants genetically. Taxonomically they are both in the Cypripedioideae sub-tribe of orchids. They do not easily interbreed. A copule of Paph-Phrag crosses have been registered (see
PhragWeb) and people continue to try to cross them but others are skeptical that it is even possible and question those which have been registered.