Panasonic FP3 has a
14.0MP 1/2.3-inch (6.08 x 4.56 mm ) sized CCD sensor and features Venus Engine IV processor. On the other hand, Canon 160 has a
20.0MP 1/2.3' (6.17 x 4.55 mm ) sized CCD sensor and features DIGIC 4+ processor.
Canon 160's sensor provides 6MP more than Panasonic FP3'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.
Below you can see the FP3 and ELPH 160 sensor size comparison.
Panasonic FP3 and Canon 160 have almost the same sensor size, so neither of them has any significant advantage over the other in terms of providing control over depth of field when used with the same focal length and aperture.