Sacrement of Penance

Yes.

They can be used interchangibly but there is a difference.
The recent practice of refering to the Sacrament of Reconcilation is a fuller meaning than the Sacrament of Penance.

Penance suggests it is a sacrament of payment for our sins- which it is, but there is so much more.

Reconciliation suggests that we come into friendship and peace with God and with our Catholic community. We are not just forgiven and we have not only paid for our sins through our penance but we are reconciled. There is a would of difference.

This change in the Church shows how the Catholic Church through the guidence of the Holy Spirit, more fully reveils God to us and opens the truth to a greater degree on a continuing basis.