天空 means sky in most contexts but it can also refer to air, space, the heavens, or ether.

空無 is “nothingness” in a Buddhist context.

The first character means empty but can also mean air or sky (air and sky have no form).

The second character means have not, no, none, not, or to lack.

Together these characters reinforce each other into a word that means “absolute nothingness.”

I know this is a term used in Buddhism, but I have not yet figured out the context in which it is used. I suppose it can be the fact that Buddhists believe that the world is a non-real illusion, or perhaps it's about visualizing yourself as “nothing” and therefore leaving behind your desire and worldliness.
Buddhist concepts and titles often have this element of ambiguity or, rather, “mystery.” Therefore, such ideas can have different meanings to different people, and that's okay. If you don't get it right in this lifetime, there will be plenty more lifetimes to master it (whatever “it” is, and if “it” really exists at all).

Soothill defines this as “Unreality, or immateriality, of things, which is defined as nothing existing of independent or self-contained nature.”