Both require a clean reference but PSR multiplies the noisy signal by the reference in the time domain whereas MF takes the Fourier Transform of both the corrupted signal and the reference and multiplies each frequency's amplitude in the frequency domain.
PSR is the heart of lock-in amps and, if you have enough time for lots of cycles, works well at very low SNR.
Matched filtering seems to work better when you have a higher SNR but only have time for one or a few cycles. The noise frequencies are all zero in the reference and are therefore immediately knocked out in the multiplication.
As a practical matter, MF of high frequency signals by software might introduce some computing speed problems.
Are there any guidelines on when to go to match filtering or use phase sensitive rectification?
Bret Cahill