Different events, although both are now contested in foiling cats.
The America's Cup, which Oracle currently holds, is the oldest sporting trophy in the world with a long history of billionaires falling over themselves to win (Koch, Bertelli, Bertarelli, Fay). The Cup is generally contested every four years, with the next event happening in Bermuda this year.
The ESS, on the other hand, is a more recent series and is contested every year. While less prestigious than the AC, the ESS still attracts some big names and arguably produces better racing but less intrigue.
http://sapextremesailing.com/