The electoral college is significant in the U.S. presidential election as it formally elects the president and vice president. The system is designed to balance the influence of populous states with less populated regions, assigning each state a certain number of electors based on congressional representation. This can lead to scenarios where a candidate wins the presidency without the popular vote, highlighting the unique nature of the American electoral process. The electoral college reflects federalism, but it also raises questions about voting equity and representation in a diverse society.