Provided the variable is initialized (which you did indicate - though I'm not 100% sure if this matters in this context or not. Both solutions might throw a warning if the variable wasn't defined), they are functionally the same. I presume === would be marginally faster though as it removes the overhead of a function call.
It really depends on how you look at your condition.
=== is for a strict data comparison. NULL has only one 'value', so this works for comparing against NULL (which is a PHP constant of the null 'value')
is_null is checking that the variable is of the NULL data type.
If it seems redundant for php to have so many is_foo() type functions, when you can just use a standard comparison operators, consider programatically called functions.
empty() and isset() do not trigger a PHP warning if their parameter is an undefined variable.
In most cases, such a warning is desirable to pinpoint the bugs. So only use the functions if you believe your variable can be legitimately undefined. It normally happens with an array index.
One thing people often forget to mention in this discussion is that if you are all about strict type checking, is_null will help you to never make a typo in your comparison operators (== vs ===).