Is Covenantal vs Dispensational just a terminology difference?

How do scholars differentiate between a Covenantal and Dispensational view of Biblical understanding? Covenant people criticize Dispensationalists for cutting up the Bible narrative into distinct parts, for saying God deals with his people in different ways in different times. They prefer to use the word "Covenant" instead of Dispensation, but isn't this the same thing using a different word? Covenantal people divide the Bible into different covenants, explaining how God deals with his people in different ways in different times. What would help me make up my mind concerning this dilemma?