As far as I can tell the word Master is used in 3 contexts, in regards to Jedi.
Jedi Master was a rank in the Jedi Order given to powerful Jedi, many of whom were leaders within the Order.
A Padawan learner would be assigned to a Master who could be a Jedi of any rank(Knight or Master). In this case master is synonymous with teacher.
Many non-Jedi would use the term "Master Jedi" when talking to any Jedi regardless of rank. In this case master is used as an honorific.
Are there any cases in universe, canon or legends, where this is discussed or where it leads to confusion?