Hello momo,
Yes both are adjectives, yet while someone is frustrated something is frustrating. The difference is:
Frustrated:
having failed in a disappointing manner or feeling disappointed for failing to accomplish an intended result.
Frustrating:
preventing the completion or the attainment of a desire or discouraging by keeping something from happening.
Example:
He is frustrated for having not passed the exam.
His result is frustrating.
When he didn't get the job , he felt very frustrated.
Failing to get a desired post is very frustrating.
I hope the difference is clear :)