Extra-column volume is the physical volume from the injector to the end of the detector whereas extra-column dispersion is a process. Unfortunately, the term dispersion is quite loosely used and rarely defined in the chromatography literature. Engineers have a better version of this term. They define dispersion as process of mass transport which includes diffusion and convection. Assume no chemical interactions of the solute with the stationary phase surfaces.
In chromatography, you know that convection is due to fluid flow (the mobile phase) and there is nothing which can stop the molecule from walking here and there (diffusion). Loosely, for our purposes, dispersion refers to spreading of the injected band just by fluid flow pattern in a packed bed or in an empty tube. One can sort of measure or quantify dispersion by the variance of the peak. The wider the peak the more dispersion it has experienced assuming it had no chemical interaction with the stationary phase.
Regarding the interesting part, is extra-column volume related to extra-column dispersion? The answer is yes and no. If you have a really long tube, but coiled or knitted in a proper manner, the peak will not spread as much as it should if it were simply a long tube.