documentclass[conference]{IEEEtran}
usepackage{lipsum}
usepackage{capt-of}
begin{document}
setcounter{table}{1}
setcounter{figure}{1}
See Figure ref{fig:redundant} and Table ref{tab:states}.
lipsum[1]
begin{figure}
begin{minipage}{0.45columnwidth}
centeringfbox{this is a figure}
captionof{figure}{Redundant system $s_t$ with a redundant caption that spans multiple lines}
label{fig:redundant}
end{minipage}
begin{minipage}{0.45columnwidth}
centeringfbox{this is a table}
captionof{table}{Redundancy states of $o_2 in mathcal{O}^{psi_1}_{phi_1}$}
label{tab:states}
end{minipage}
end{figure}
lipsum[1-10]
end{document}