Journal-level metrics attempt to assess the impact factor of journals by ranking them based on how often the articles in a given journal get cited in other journals. The higher the frequency, the higher its ranking and perceived prestige (impact) within its field.
The Acceptance Rate of a journal is the percentage of submitted articles that are accepted for publication. Percentage rates are sometimes used to evaluate faculty for tenure, with the thought being that journals with a lower acceptance rate are more prestigious than those with higher acceptance rates. However, this isn't good practice. Acceptance rate is NOT a scholarly metric and offers no insight on the performance of a journal or the citable content published in it. On top of this, there's no way to verify the accuracy of the number a publisher gives.
When evaluating a journal, avoid using acceptance rates and instead use a combination of the journal level metrics listed on the subsequent pages of this guide.