You battle and catch it at Lv. 47. As well as Dialga.
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Palkia learns Spacial Rend at level 40.
his level 47
A Pokemon's strength all depends on its moveset and stats. But I'd assumer that the Palkia would be better statistically, because of it's level.
Palkia does not learn Roar of Time, that's Dialga. Palkia has it's own unique move: Spacial Rend.