Trusted IP address and IP address exceptions

Technically both are almost same but slight different.

Policy Builder trusted IP option is enabled, the Policy Builder will consider traffic from this specified IP address as being safe. The Policy Builder will automatically add to the security policy any data logged from traffic sent from this IP address. Selecting this option also automatically adds this IP address to the Trusted IP Addresses setting on the Policy Building Configuration screen. If you don't enable this option, the Policy Builder will not consider traffic from this IP address as being any different than traffic from any other IP address.

IP Address Exceptions:  gives you the ability to explicitly allow certain IP addresses without checking any packet.