WOW and Splendid China are two separate attractions. The entrance ticket for WOW is CNY 120. The admission fee for Splendid China is CNY 120 too (including the ticket for China Folk Culture Village).

They are not in the same place but very close to each other as you said. You can take Subway Line 1 from Luohu to Huaqiaocheng Station and then walk from Exit D to Splendid China. After visiting Splendid China, you can take a taxi or walk to WOW.