They're very similar. It's just a matter of degree and timing. I think examples will explain best.
Important.
If you want to get a good job, it is essential that you get a good education first.
When you go on a long hike, it is essential to bring plenty of water.
Extremely important/time critical.
If you are bitten by a rattlesnake, it is vital/crucial that you get to a hospital immediately.