The start of the three members of the Triforce arc. Link is the master of the Master Sword and may be the greatest fighter in all of Hyrule. Zelda can fight too, but not as well as Link could.
In Sheik form she is much quicker and stronger. With her array of weapons she can land a hit or two on Link, but not enough to beat him. Link is too great a fighter to be defeated by her.
So in the end Link wins this match. Link is a reminder to us all of how a Hero can use time itself and still win the match. Link wins.