I interpret your question as follows. Let's fix some computational problem $P$. We define:
- $R(P)$ is the smallest workspace that any linear time random access algorithm for $P$ can have. I think the exact model does not matter all that much, but let's say that the we have a word RAM which is given the input as a random-access read-only array.
- $S(P)$ is the smallest workspace that a sequential algorithm for $P$ can have; here we assume that the algorithm (which is again modeled as a word RAM machine) proceeds in time steps: at each time step one cell of the input array is given, the algorithm does some processing, records some information in its local storage, and then proceeds to the next time step. The array is "looped over" a constant number of times in this manner.
So I think you are asking about how big the gap between $R(P)$ and $S(P)$ can be.
On the low end of the spectrum, there is an answer in Muthu's streaming book. Look at puzzle 3. The problem is, given an array of $n$ integers, all in the range $[1, n-1]$, find a duplicated integer. There exists a random access linear time solution with $O(\log n)$ bits (equivalently, $O(1)$ number of words): basically pointer-chasing. But a constant pass algorithm must necessarily have $\omega(\log n)$ space complexity.
There is an aspect of the model that we have not quite fixed: what direction do the passes go? I.e., once we feed the streaming algorithm the entire array, does the next pass start from the end or the beginning? Interestingly, this can make a big difference. Consider the problem of recognizing a well-parenthesizes expression where there are two types of parentheses. Say we want the probability of error to be $O(1/\log^2 n)$. Then Chakrabarti et al. show that if we restrict all passes to go in one direction, we have $ps = \Omega(\sqrt{n})$, where $p$ is the number of passes and $s$ is the space complexity. On the other hand, Magniez et al. give a simple algorithm that uses $O(\log^2 n)$ space, has polynomially small probability of a false positive, and makes one pass forward and one backwards.