The easy answer to that question is no, not really.
While there are similarities (both can be considered in mobile marketing for example), they offer completely different ways to communicate.
Social media consists of various social networks. The big ones are Facebook, Twitter, LinkedIn, Google+, Pinterest, Instagram, and a few others. There are many, many smaller networks, as well as new ones popping up all the time. But all the networks basically offer a one to many form of communication. It really is much like traditional advertising in that respect. The difference is there’s an opportunity for the audience to interact with you.
SMS messaging though, should be considered a one to one form of communication. This is true even though you may send a single message to many people. Why? It’s because an SMS message gets delivered in a personal way – just to the one person reading it on their mobile. While there is a way for the recipient to respond to you, there usually isn’t the type of interaction you’d see in social media.
How you use them in marketing is different too.