Have a look at PHP's available XML extensions.
The main difference between XML Parser and SimpleXML is that the latter is not a pull parser. SimpleXML is built on top of the DOM extensions and will load the entire XML file into memory. XML Parser like XMLReader will only load the current node into memory. You define handlers for specific nodes which will get triggered when the Parser encounters it. That is faster and saves on memory. You pay for that with not being able to use XPath.
Personally, I find SimpleXml quite limiting (hence simple) in what it offers over DOM. You can switch between DOM and SimpleXml easily though, but I usually dont bother and go the DOM route directly. DOM is an implementation of the W3C DOM API, so you might be familiar with it from other languages, for instance JavaScript.