Counterpoint (Kontrapunkt in the original German) is the second volume of Heinrich Schenker's New Musical Theories and Fantasies (the first is Harmony and the third is Free Composition).
In "free composition" (Schenker's term for actual music, as opposed to theoretical exercises), both of these two kinds of phenomena interact, together with the principle of repetition.
Schenker thus views the rules of strict counterpoint as basic structures underlying the complex voice-leading patterns of free composition, and not necessarily as models to be literally imitated on the actual musical surface.
In particular, he opposes the idea (promulgated by Riemann and others) that the purpose of contrapuntal studies is to acquire the skill of creating polyphonic textures in works of free composition (e.g. the writing of inventions and fugues).
It is of interest to note that, although many of Schenker's ideas have had a widespread influence on present-day music theorists, his views on pedagogy and the nature of contrapuntal studies have not prevailed: the word "counterpoint", as used in most universities and conservatories, continues to refer to courses that teach the student to imitate Renaissance or Baroque musical surfaces, and "harmony" courses continue to be concerned with exercises in voice-leading.