"Sort of depends on how you view things!" Here is how I look at it.
ISO sets the default level of noise,resolution ability, dynamic range, and color richness. At base ISO levels, all digital cameras have their lowest noise, richest color, widest dynamic range, and their highest resolution capabilities. For example, the modern Nikons have 13.7 to 14 or so stops of dynamic range at BASE ISO value, and then as the ISO is raised, the dynamic range drops off, more and more and more. And so does the color depth: the wonderful, rich color rendering of ISO 100 declines to a pastel, watercolor painting-like mess at ISO 25,600. Resolving ability drops off markedly as the ISO's reach the highest possible values. So....the ISO determines what total compromises you are willing to live with, in exchange for the "ballpark settings" you need for a situation. In bright light, I normally set a lowish ISO; not always the lowest. In crappy light, I usually elevate my ISO to 800 to 1600.
Exposure Compensation (EC) is a way to get the LIGHT METERING's results in line with the desired exposure result. Exposure compensation is a way to "compensate the exposure" the light metering is giving, so that the desired subject is exposed the way the photographer wants it to be exposed. Exposure compensation is a well-known control to get the right exposure by biasing the metering system to favor over- or under-exposure, and can be used at any and all ISO setting the photographer has chosen to set, or which will be applied in AUTO-ISO situations. In many situations, Exposure Comp helps when the background is very bright, or very dark. A classic example: theatre productions where a spot-lighted actor is in front of a huge expanse of a dark, dimly-lighted background. One can spot meter, but it is also possible to set the exposure broadly at say, Minus 5.0 EV of EC, and get a good exposure using Center-weighted metering. In portraits, a person standing in front of dark, green foliage might very well benefit from Minus 1.7 EV EC if the shot is a full-length shot done with a 50mm lens from 15 feet back. A black dog on a snowy patch needs Minus 2.5 or so. Blacks need MINUS many times, white tones often need PLUS exposure compensation dialed in.
A great example: FOGGY DAYS. You almost always need to add at minimum, 1.0 to 1.5 EV of EC on foggy days, to make the scene look light and white, not grayish. One thing to keep in mind: Nikons, and newer Canons with color-aware light metering tend to "recognize" situations like foggy weather much more so than color-blind, "dumb" light meters from days of old, so that in my experience, the "intelligent" light meters that d-slrs have is not like a dumb, old Sekonic which meters everything so that the exposure is a baseline 18% reading.
Nikon cameras also offer a third option, exposure fine-tuning, which is NOT indicated in the viewfinder, and allows the photographer to deliberately create a semi-permanent, user-defined degree of exposure offset, so that the Zero'd Out or "dead On" exposure reading is in line with the shooter's opinion as to what a proper exposure ought to be, or to compensate for systemic errors, such as say, a lens that habitually under- or over-exposes, such as can happen when the diaphragm is wonky, or on zoom lenses that have a low T-stop due to loss of actual light transmission, etc.