Back in the day, tractors did mainly two things: pull stuff and run something like a thresher or sawmill off a huge belt pulley. Tractors in those days were rated by horsepower at the drawbar for pulling, and at the belt for stationary operation. The belt hp was usually quite a bit more since the old time drivetrains were not very efficient. These days at least the smaller, utility type tractors (say under 75-100 horsepower), mainly use the 3 point hitch for implements and the pto to run powered attachments, so today's power ratings typically reflect total engine hp and pto hp. But pulling power at the drawbar still means the same thing as in the old days, and it's important with big agricultural rigs and also in other situations as well.
Pto hp and drawbar hp will always be less than the total engine hp due to mechanical losses. Don't know if there's a set formula to relate the different measurements because that could vary by tractor, but drawbar hp is probably going to be somewhat less than pto hp due to additional friction losses of the drivetrain.