Files with .PST extension represent Outlook Personal Storage Files (also called Personal Storage Table) that store variety of user information. User information is stored in folders of different types that include emails, calendar items, notes, contacts, and several other file formats. PST files are used for archiving emailing data offline that can be later loaded and viewed in various applications.
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Files with ODS extension stand for OpenDocument Spreadsheet Document format that are editable by user. Data is stored inside ODF file into rows and columns. It is XML-based format and is one of the several subtypes in the Open Document Formats (ODF) family. The format is specified as part of the ODF 1.2 specifications published and maintained by OASIS.
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You can also convert PST into many other file formats. Please see the complete list below.