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EPS

EPS is a file in vector format that has been designed to produce high-resolution graphics for print. Almost any kind of design software can create an EPS. The EPS extension is more of a universal file type (much like the PDF) that can be used to open vector-based artwork in any design editor, not just the more common Adobe products. This safeguards file transfers to designers that are not yet utilizing Adobe products, but may be using Corel Draw or Quark.

JPEG

You can use JPEGs for projects on the web, in Microsoft Office documents, or for projects that require printing at a high resolution. Paying attention to the resolution and file size with JPEGs is essential in order to produce a nice-looking project. JPG vs JPEG? There is no difference between the .jpg and .jpeg filename extensions. Regardless of how you name your file, it is still the same format and will behave the same way. The only reason that the two extensions exist for the same format is because .jpeg was shortened to .jpg to accommodate the three-character limit in early versions of Windows. While there is no such requirement today, .jpg remains the standard and default on many image software programs.