A CSS reset allows the CSS to dictate the style of font instaed of allowing the web browser to style the page. The universal selector is determined by the browser. Therfore you do not have as much control of the style on the web page. The main reason for CSS reset is to keep things consistent. It will keep the defaults the same from page to page no matter the browser, thus allowing the user to know where they are at all times. The CSS reset sometimes will repair frameworks, and the original reset meyerweb.
The Universal selector is a calabaration of many other selectors. A universal selector can be used for any element at all. This allows the website designer to affect everything on the page, or just listed items with a tags. The Universal selector is like a stylesheet which can be as specific or broad as the designer would like it to be.
Both CSS reset and the universal selector are both dealing with styleing a webpage. Both are used on the same web page, but that is left up to the designer. Some will use only CSS reset, or universal selector, however you can use both on a single web page.