Power BI is a data analysis and reporting tool known for its user-friendly interface and ability to handle complex data, while SSRS (SQL Server Reporting Services) is a server-based reporting platform with more manual reporting generation. Power BI integrates cloud-based data reporting and is designed for interactive reporting, whereas SSRS focuses on server-based data with a traditional approach. The choice between the two depends on specific organizational needs, with Power BI emerging as the more advanced solution compared to the traditional SSRS.