Communications system with speech-to-text conversion and associated methods

A communications system includes a first communications device cooperating with a second communications device. The first communications device multiplexes a digital speech message and a corresponding text message into a multiplexed signal, and wirelessly transmits the multiplexed signal. The second communications device wirelessly receives the multiplexed signal, de-multiplexes the multiplexed signal digital into the speech message and the corresponding text message, decodes the speech message for an audio output transducer, and operates a text processor on the corresponding text message for display. The corresponding text message is displayed in synchronization with the speech message output by the audio output transducer. A memory is coupled to the text processor for storing the text message, and the text processor is configured to display the stored text message.