(Click either tag above to view their info/about page)
Ironically the short description of each references the other word. For example the short description of permissions defines it as:
Privileges granted to an account or role through the security mechanism of an operating system, database manager or other system.
Whereas the short description of privileges defines it as:
Permissions associated with, or required for, an operation on a database system.
Those descriptions alone give credence in my mind that the terms are synonymous....
Personally I prefer the term
Privileges, but I would support either term as the primary.