These verbs mean to seek to equal or surpass another. Rival is the most general: “His ambition led him to rival the career of Edmund Burke” (Henry Adams). To compete is to contend with another or others to attain a goal, as a victory in a contest: Local hardware stores can't compete with discount outlets. Vie, often interchangeable with compete, sometimes stresses the challenge implicit in rivalry: The top three students vied for the title of valedictorian.
See rival in Webster's New World Roget's A-Z Thesaurus II