Both are equivalent, the pfile is the database initialization parameter file in text format and the spfile (server parameter file) is the same file but used by the Oracle database at run time.
The difference is that once the spfile is created it allows some permanent parameter changes without having to re-start the database; on the other hand, changes to the pfile may require restarting the database.
You can create one from the other:
CREATE SPFILE FROM PFILE;
-- or --
CREATE PFILE FROM SPFILE;
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