Conceptually, k-factor is a design related feature and p-delta effect is an analysis related feature. The two are not directly comparable. The k-factor correlates the
'effective buckling length' to the physical length, or, in other words, is a factor for determination of axial buckling strength of the member. The p-delta analysis, on the other hand determines the additional stresses (primarily bending) induced on account of deformations in the presence of high axial stresses. If you are performing a design or verifying a member adequacy, you cannot ignore k-factor.
If you are verifying the member adequacy based on an analysis which includes p-delta
effect as well as other nonlinear effects (tangent/secant stiffness - stability functions, large deformation effects etc, you may use the interaction formula
(fa/Fa) + (fb/Fb) less than or equal to 1.0.
When you do a conventional linear analysis you would be using the interaction equations as per AISC
(fa/0.6Fy) + (fb/Fb) less than or equal to 1.0 and
(fa/Fa) + (Cm. fb / (1 -fa/Fe') / Fb) less than or equal to 1.0.
The commentary on these equations in AISC (I remember the 8th Ed) describes the basis. The moment magnifying factor (1-fa/Fe') was the easier way of incorporating the p-delta effect approximately.
Hope this helps.
M. Hariharan