Similarities: -Both gained adult bodies 1/3 into their game and series respectively (Link became an adult after three dungeons and Twilight became an alicorn after three seasons) -Both have companions who are not the same species as them; Spike (who is a dragon) for Twilight, Navi (who is a fairy) for Link. -Both have gone through a couple (temporary) physical transformations (Twilight transformed into a Breezie and a seapony at two different points and Link transformed between a Deku Scrub, a Goron and a Zora throughout Majora's Mask) -Both had something of great importance stolen from them (Sunset Shimmer steals Twilight's crown in the first Equestria Girls movie; Skull Kid steals the Ocarina of Time from Link in Majora's Mask)
Differences: -While Link reverted back to a child at the end of Ocarina of Time, Twilight's alicorn transformation is permanent. -While Link excels at physical combat (i.e. swordplay), Twilight excels at powerful magic.
Other -While Link has a horse for a steed, Twilight herself is a horse. -While both are close with their respective nations' princesses, Twilight's relationship with Princess Celestia is like that of mentor and student and Link's relationship with Princess Zelda is like that of two simple friends (or something more depending on who you ask).
P.S. This is such a dumb comparison; why did I upload this?