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Usually both are equity partners... but the title of partner is reserved to those with a CPA (usually audit and tax) while Principal is non-CPA (advisory / consulting) generally speaking.
CPA
At the B4 firms and other accounting firms, as the others have said, it's the difference between being an equity partner with a CPA and an equity partner without a CPA.
At non-accounting consulting firms, it really depends on the specific level hierarchy. Partner is almost always an equity partner while principal can be anything from a senior consultant level to an equity partner level. I had a short stay at a tiny boutique a while back where my title was principal, but my actual level was equivalent to manager.