Olympus E-M5 has a 16.0MP Four Thirds (17.3 x 13 mm ) sized CMOS sensor and features TruePic VI processor. On the other hand, Panasonic G95 has a 20.3MP Four Thirds (17.3 x 13 mm ) sized CMOS sensor and features Venus Engine processor.
Panasonic G95's sensor provides 4.3MP more than Olympus E-M5's sensor, which gives a significant advantage in real life. You can print your images larger or crop more freely.
On the other hand, please keep in mind that Max sensor resolution is not the only determinant of resolving power. Factors such as the optical elements, low pass filter, pixel size and sensor technology also affects the final resolution of the captured image.
One other difference between these two cameras that is worth mentioning is that Panasonic G95's sensor doesn't have an anti-alias (Low-Pass) filter. Removing anti-alias filter increases the sharpness and level of detail but at the same time, it increases the chance of moire occurring in certain scenes.
Below you can see the E-M5 and G95 sensor size comparison.
Olympus E-M5 and Panasonic G95 have sensor sizes so they will provide same level of control over the depth of field when used with same focal length and aperture. On the other hand, since Olympus E-M5 has 26% larger pixel area compared to Panasonic G95, it has potential to collect more light on pixel level hence have less noise in low light / High ISO images.