Which is the best option: PG Diploma in advertising, media and events (PGDAME) or MBA in event management?

Both are good courses with almost same curriculum. Event management is comparatively a new field and institutes have devised their own nomenclature for the course. More than the course, it is actually the institute that should be given importance as well as preference while applying for the course.

First of all, it is up to the interest of the person and both of them are equally important in their respective field, but degree is more valuable than diploma in their fields.

PGDAME is more helpful in securing a job than MBA in EM. Also, depends on the college though. Since both courses have same duration, it is only a matter of choice.