Hi Megan,

I can see your confusion, I have actually changed the English given for both verbs-

Se régaler = To relish/ to savour food  

Can be, 'to enjoy something', think of 'to regale in' in English 

Déguster = To taste food 

You may have seen 'Dégustation Gratuite' in France which means 'Free Tasting', normally of local produce.

Here are a few examples to fully understand the context :

Je vais faire des crêpes, on va se régaler = I am going to make some pancakes, we are going to enjoy them ( we are in for a treat) 

Nous allons déguster les fromages de la région = We are going to taste the local cheeses

Hope this helps!