No, HIPS is fundamentally different than MAC.
Mandatory access control (MAC) systems try to provide a robust foundation for security on your machine. MAC systems are generally intended to provide a high level of assurance: they are based upon a rigorous mathematical theory, they try to provide strong guarantees, and they are intended to be secure even if the attacker knows how the MAC system works. In general, MAC systems are generally intended to be very difficult for attackers to defeat.
Host-based intrusion prevention software (HIPS) tries to provide a best-effort mitigation against some common methods of compromising machines. HIPS doesn't provide make any guarantees. HIPS is not based upon any rigorous theory; instead, it is based upon a characterization of common methods that attackers tend to use. A sophisticated attacker who is familiar with your HIPS can likely evade detection by the HIPS and render the HIPS worthless, but that is generally considered OK, because that is not the kind of threat that HIPS is primarily aimed at preventing. HIPS are based upon host-based intrusion detection (HIDS) systems, which make a best effort to detect what attacks they can; the difference between HIDS and HIPS is that HIDS just detects (some) attacks, whereas a HIPS is a HIDS that also has some mechanism to try to stop any attack that the HIDS detects. Since HIDS systems never claimed to be able to detect all attacks, it will also be true that HIPS systems cannot prevent all attacks. The upside is that HIPS is a lot easier to deploy on a legacy system -- but it provides a much lower level of security, and a lower level of assurance.
Or, if you want to think in terms of an analogy: HIPS systems are like a blacklist. MAC systems are like a whitelist. Whitelists provide stronger security, but are also more restrictive, and thus blacklists may be easier to deploy.
In short, MAC and HIPS are in a different league from each other. They're not in competition with each other, because MAC is intended and designed for a different context than HIPS.