Vs. Excitebike is simply a version of Nintendo's Excitebike that's been enhanced with a two-player mode for the Famicom Disk System. The player can choose to play "Original Excite" in its one-player incarnation or "Vs. Excitebike" which includes a second human player as the blue competitor. The two players can also choose to be in direct competition with one another or play cooperatively against the CPU.
The game is not to be confused with the Arcade Vs. Excitebike, which instead derives its name from the Vs. Series format Nintendo used to convert popular NES games to two-player Arcade cabinets. The FDS version borrows many of its features, including the Arcade's one-player as well, but has several distinctions of its own including a whole new soundtrack and the ability to create and save player-generated tracks.