The best approach to this is to use a chart (for your wheel and tyre) and plug that in. Record that figure (213 say, my Cateye only does cm increments). Do a decent ride (without a stop ideally) with the GPS set up as well, starting/zeroing both computers at the start. If you take the GPS distance figure as gospel (echoing
@ianrauk ) then work out whether the figure you've plugged in needs to be altered, and if so, reset the computer and enter the new figure. Record it. Ride.
Some may not consider accurate distance display important but, (as partly mentioned upthread) those who do audaxes and use the routesheet, value accurate distances. And a wheel sensor based computer is a good back up if the GPS dies or otherwise misbehaves. You will be very lucky to get it spot on, but if your cyclocomputer takes 4 figures (ie to the nearest mm) you should be able to get the readings agreeing within 0.2%, or even 0.1% with several iterations.
After 100km, my GPS only displays whole kilometres, so I appreciate the additional significant figures the Cateye gives me. Quite often it's useful to have an idea of tenths of a km. Mostly I use the readings as differentials, ie the difference between two readings when approaching a turning from a previous 'known point'.