The meanings overlap. They overlap a lot.
The word "sensation" emphasizes the physical feeling. It's related to the word "sense." The five senses are sight, hearing, smell, taste, and touch.
The word "feeling" emphasizes emotion.
When I hug my wife, I experience the sensations of physical contact. And I experience the feeling of love.
In "West Side Story," Maria looks in the mirror and says "See the pretty girl in the mirror there!" She's using the sense of sight. And the result is that the says "I feel pretty." That's a feeling.