<p>In VB.NET, which is better to use: function overloading or default parameters?</p>

if the parameters are optional (i.e. the overloads are a subset of the parameters that the full procedure signature accepts) then default or optional parameters would make more sense.
If the overload is allowing a different type for the parameter or is a semantically different parameter that will be interpreted differently by the routine then overloads would make more sense.