RTP is a protocol for transporting real-time multimedia data like audio and video over IP networks. It works with RTCP for feedback on data delivery. RTP packet headers include fields for payload type identification, sequence numbering, timestamps, and SSRC for stream source identification. SIP establishes and manages multimedia sessions and calls over IP, allowing participants to negotiate media encodings and manage calls through actions like adding streams, changing encoding, or inviting others. SIP messages are ASCII text sent over UDP or TCP and it requires message acknowledgment.