They seem to be the same, but they are fundamentally different. Though often connected, they are not interchangeable.
A reward is something given to the player. Satisfaction is something felt by the player. Being given a reward can feel satisfying, if, and only if, it feels like it is deserved. If the player knows he played badly and gets rewarded for it, that reward will not be satisfying because it will feel like it’s patronizing. A participation trophy. The player will be rewarded, but he will not feel satisfaction.
On the other hand, even defeat can be satisfying if the experience is good. A good deathmatch against a superior enemy can be satisfying when you can feel that it did take that opponent a great deal of skill to defeat you, the satisfaction will come from knowing that you did play well but were eventually defeated. You don’t get a reward, you will not receive any accolades for losing, but it may be a satisfying experience.
You’ll notice that in the end, it is far more interesting to most players to be satisfied. Handing out freebies is not going to reach that goal, though.
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