Yes, they do have similarities, especially when it's just redness that is visible. I would say with yeast, you will tend to find very white patches or blisters that are moist, and not flaking. Seb derm tends to flake, similar to psoriasis.
Candida yeast also tends to spread/develop very quickly and aggressively.
Malesezzia is the more common cutaneous yeast and is implicated in Seb. Derm., but not in the sense of an infection, but rather as an abnormal reaction to the presence of the "normal" yeast.
Try a google image search if you have a rash you're trying to diagnose. Or try treating it with antifungal powder and see what happens. You would expect Candida Yeast to clear quickly. The seb. derm would not.