Some have stated that both are equivalent - this is not true for following reasons:
1) With reset link if attacker has access to email and consequently uses reset link to change password, they will alert user even if the actual reset email and notifications are deleted by attacker. With mailing password if user requests reset and attacker sees the random password (even much later), then attacker can access user's account on your site without alerting user.
2) Also if you mail a password the user may be tempted to re-use the password on other sites and attacker with access to email has access to other sites even if the other sites were not vulnerable to account take over via account recovery.
With both random password sent in email and reset link, if attacker controls user's email, they have access to user's account. What you can do in this case, depends on how many handles on the user you have - for example, if you have their primary and alternate email address, then you should send notifications to both email accounts when reset is requested and used or if they have a phone, you could send them a text in addition to email, etc. You can monitor usage itself but that is harder.
A couple of other issues:
Can the link be used multiple times? Apart from expiring and having unpredictable value (with attached MAC so it can be verified without server state), you may want to have an internal alert go off if an attempt is made to reset password on an account multiple times (register success/failure, remote ip address, timestamp, etc) and abort after first and put the account in some inactive state.
It would be a good idea to see how much abuse is happening to see if you need more defense mechanisms to prevent account takeovers via your account recovery flows (depends on the value of an account).
Also very important in this case to keep up-to-date on email addresses and other contact information if you can (email addresses do get recycled when not used) and how email address or other such information can be updated/added and notifications.
As always make sure your notifications (text, link, landing page) don't make it easy for phishers.
Some of these issues of course may not be very relevant unless you have a large site.