ohhh complicated. what on earth are you studying. lets start with metaphysical, it means to consider the existence of someone or something. The metaphysical poets for instance (John Dunne) were a group of poets who were completely wrapped up in considering their own existence and in the reality of the world around them. their poetry held to one idea or line of argument with in the poem.John Dunne for instance seemed to be constantly thinking about his own death and his own existence and the reality or lack of reality of himself..... should appeal to you! A conceit however is an extended metaphor, that is where you compare one thing to another stating that a thing is something else. So if I was to write a metaphor of the sun I would say the sun is a big ball ( simplistic but it will do) if I then wrote an extended piece of poetry on the same theme that would be a conceit. but also the comparison would be strangley alike and unlike at the same time and the skill is in making it seem both and if I wrote a poem with the theme of existence of something or some idea running through it in a metaphor using my skill to show that the two ideas were cleverly puttogether in a juxtoposition then that would be a metaphysical conceit. So if we look at John Dunnes poem death be not proud DEATH be not proud, though some have called thee Mighty and dreadful, for, thou art not so, For, those, whom thou think'st, thou dost overthrow, Die not, poore death, nor yet canst thou kill me. the metaphysical conceit is in the fact that death is being given an existence, being turned into a character. and the whole poem revolves around this supposed battle with death hence the metaphysical conceit is the extended metaphor about the existence of death as a character or person.

Metaphysical conceit In English literature the term is generally associated with the 17th century metaphysical poets, an extension of contemporary usage. In the metaphysical conceit, metaphors have a much more purely conceptual, and thus tenuous, relationship between the things being compared. Helen Gardner observed that "a conceit is a comparison whose ingenuity is more striking than its justness" and that "a comparison becomes a conceit when we are made to concede likeness while being strongly conscious of unlikeness." An example of the latter would be George Herbert's "Praise ," in which the generosity of God is compared to a bottle which ("As we have boxes for the poor") will take in an infinite amount of the speaker's tears. An often-cited example of the metaphysical conceit is the metaphor from John Donne's "The Flea", in which a flea that bites both the speaker and his lover becomes a conceit arguing that his lover has no reason to deny him sexually, although they are not married: Oh stay! three lives in one flea spare Where we almost, yea more than married are. This flea is you and I, and this Our marriage-bed and marriage-temple is. When Sir Philip Sidney begins a sonnet with the conventional idiomatic expression "My true-love hath my heart and I have his", but then takes the metaphor literally and teases out a number of literal possibilities and extravagantly playful conceptions in the exchange of hearts, the result is a fully formed conceit.(http://en.wikipedia.org/wiki/Conceit#Metaphysical_conceit)

Nice phrase!~ Where is this from? I think this is a case of exponential meaning ... where 1 + 1 = 3 ... The whole is greater than the sum of the parts ... These are two words that have independent meanings, and were combined by someone creatively. That is, this is not a word pairing I've come across before but certainly the meaning can be guessed at. It could mean that someone has conceit about their metaphysical awareness ... (not to say that everyone has metaphysical awareness, but if they did ...) OR It could be that someone's conceit has metaphysical aspects, which be taken to mean their conceit is very large, or disproportionate... If you can share some more of the context from whence this word pairing sprang, then a more clear explanation could be put forward...