The theory of functional sentence perspective (FSP) developed and elaborated by Jan Firbas represents a branch of functional approach to syntax drawing on the teaching of the Prague School of Linguistics. It has been a major tool in discourse analysis as well as text linguistics in general. The article examines the distributional macrofield (such as the paragraph or the chapter) from the point of view of functional sentence perspective, focusing on the horizontal and vertical relations operating within the text. It deals with a functional analysis of the basic distributional field (the clause) as opposed to the FSP analysis of higher levels of text; the main concern is the difference between the co-referential strings and the dynamic-semantic tracks. The paper also discusses these horizontal – vertical relations within FSP analysis with regards to the dichotomy concepts offered by Ferdinand de Saussure.