I would like to transmit and receive data from PC and arduino. I have explored various options, and would like to get the best choice(which works)
Choice 1: Use Arduino and USB-RS232 adapter which connects PC side and ESP8266 +arduino in the other end
Choice2: Use wifi USB adapter such as LV-UW03 on PC side and retain ESP8266+arduino in the other end
they both would work, but you would not use the same communication protocol and technologies
you need to think in terms of other requirements like do you have a WiFi network that both the PC and Arduino could join, do you need to be distant from the PC and wires could come in the way, do you have an electromagnetic environment that would be unsuitable for WiFi, do you have security constraints that would mean crypted wireless communication (easier to trap remotely than wired communication), .... Bandwidth / throughput could also be part of your requirements
Last but not least, using two MCUs (ESP8266 +arduino) is usually complicated. You should explore having everything on one.
if you have say a UNO for driving pins and an ESP8266 for driving the WiFi communication, you'll need to code as well how the information will flow between the UNO and the ESP8266.
The question would be for me could you replace the couple (UNO+ESP8266) by just the ESP8266 or an ESP32 for example.
just to confirm. on PC side I will use USB wifi adapter. On the other side I will use arduino + esp8266 as I have other signals(such as analog, digital) terminating on arduino. Now I can receive and transmit either from PC or from arduino
your PC likely have WiFi already built in, doesn't it? you would not need an extra USB wifi adapter, just ensure the ESP and the PC are on the same WiFi network and then you can use high level TCP-IP for the communication. it will require code on both side to handle that communication.
OK then indeed you'll need to make it WiFi ready if this is the chosen path
Can you share more details about the context? that would probably guide you to a suitable choice. Serial communication can also be an easy alternative if the arduino can be next to the PC and you have an USB port on that PC or a USB-RS232 adapter if you only have RS232