Hi,
This is quite a big area to cover, but here are a few basic thoughts.
90% of the time we are dealing with a piece of equipment with an unbalanced audio path within the equipment. Most "balanced" in and out gear has bal>unbal and unbal>bal electronics at input and output.
This means that the return path for the signal is the common ground, which includes the 0V rail from PSU, through PCB's, interconnecting cables, cable shields etc. etc.
If you have a long skinny ground track running the length of a PCB with a sensitive preamp or gain stage, and hang one side of a relay coil returning to this ground track, then you have a high likelihood of interference when you operate the relay. This is because the current flowing in the relay will no doubt be much higher than the quiescent and operating level of the audio electronics. This will cause voltage drop across the ground trace, and this voltage difference will be "seen" by the amplifier circuit as part of the signal.
Also, in a poorly regulated power supply, a higher current being supplied can show up flaws in the regulator and increase the ripple voltage, which again will show up in the ground rail.
I always run a a separate ground/0V wire from the PSU 0V terminal directly to any "control" equipment- LED's, lamps, relays etc. If possible, I'll run the +Ve line from a separate regulator- e.g. use a 7805 for a +5V control circuit supply (handy for LEDs and small relays, also good for any logic bits and pieces in your design)
An item such as a relay also has what is called a "back-emf" which is the current which is stored within the relay coil. When you switch the supply to the coil off, the magnetic field collapses and slices through the windings inducing an opposite polarity voltage across the coil. This can play havoc in audio equipment- the voltage spike can be much higher than the Vs. It's common to connect a backwards-connected (w.r.t the supply line) diode (e.g. 1N4004 in parallel with the relay coil to clamp this back-emf. Again, good grounding which avoids a direct path through analogue-land helps a lot.
I've spent many happy hours rebuilding the grounding bus in old desks which had relay muting and patching. Everytime a switch was pressed, a CLICK came out of the monitors :roll:
Putting in a separate ground bus and supply regulator sorted this out entirely.
Check out some of the excellent pdf's knocking about the 'web on "mixed signal techniques" (texas instruments??) and any analogue-with-digital design papers.
What you're actually dealing with here is a digital (i.e. on/off signal) superimposing itself on an analogue signal, so a lot of the info for mixed signal design may seem a bit over-the-top, but makes a lot of sense- separating "analogue" ground from "digital" ground and isolating sensitive (i.e. high impedance and high gain) analogue circuitry from on/off higher-current areas.
...lots more to add here though!!
Mark