The relation between pseudogap (PG) and superconducting (SC) gap, whether PG is a precursor of SC or they coexist or compete, is a long-standing controversy in cuprate high-temperature supercondutors. Here, we report ultrafast time-resolved optical reflectivity investigation of the dynamic densities and relaxations of PG and SC quasiparticles (QPs) in the underdoped $rm{Bi_2Sr_2CaCu_2O_{8+delta}}$ ($T_c$ = 82 K) single crystals. We find evidence of two distinct PG components in the positive reflectivity changes in the PG state, characterized by relaxation timescales of $tau_{fast}$ $approx$ 0.2 ps and $tau_{slow}$ $approx$ 2 ps with abrupt changes in both amplitudes $A_{fast}$ and $A_{slow}$ at the PG-opening temperature $T^*$. The former presents no obvious change at $T_c$ and coexists with the SC QP. The latters amplitude starts decreasing at the SC phase fluctuation $T_p$ and vanishes at $T_c$ followed by a negative amplitude signifying the emergence of the SC QP, therefore suggesting a competition with superconductivity.
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