The Conversion Rate on the Analytics page and the number of Conversion events in the Events Hub differ in a few ways.
The metrics in the Analytics section of the dashboard are index specific. (You can toggle Include all replicas to aggregate replica index analytics.) On the overview tab, the Conversion Rate is the percentage of tracked searches (searches with clickAnalytics:true) for which you sent at least one conversion event with the associated queryID from the tracked search.
If a single search generates multiple conversion events, it doesn’t effect conversion rate differently than if the search had generated only one conversion event. When calculating conversion rate, each search’s conversion is a yes-or-no metric — did the search generate at least one conversion or not?
The Events Debugger tracks all individual conversion events for all indices across your application. So in addition to including events from other indexes, there are also searches that may generate more than one conversion, but because of the way the conversion rate is calculated (was the search converted - yes/no?), this has no additional impact on conversion rate.
In summary, a "discrepancy" between the Analytics overview tab's Conversion Rate and the Events Debugger's total number of conversion events can be attributed to two key factors.
- The Analytics overview tab is index specific while the events debugger is application wide.
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Conversion Rate does not take into account searches that generate multiple conversion events.
For more information on this topic, we recommend our guides on Analytic metrics and reports and Validating your events.