In my opinion ethical hacking is exploiting the system in an ethical way whereas penetration testing takes it a step farther and uses the output from ethical hacking and creates a useful report for the target organization. This process includes all the piece parts of a quality pentest report and real value add for the business by identifying where the verified vulnerabilities create risk scenarios for the business and why and from what vectors as well as the real world impact of a threat exploiting that vulnerability.
Ethical hacking is a subset of penetration testing and does not provide that level of value to business by itself but is more about achieving the level of understanding of the target asset/process necessary to deliver quality pentest results. I also don't feel that ethical hacking includes the security analysis skills required to draw the necessary conclusions outside the very narrow scope of that target system being exploited that a good penetration tester will from good critical security thinking processes. I'd be interested in how others define these as I see many people use these terms interchangeably but I just don't agree that they are the same.










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