High PAPR is one of the major drawbacks of OFDM systems. It drives the transmitter's power amplifier into its nonlinear region, thus causing nonlinear distortions. Square rooting technique (SQRT) and μ-law companding technique are the simple techniques to reduce PAPR in OFDM systems. In this paper, we derive analytical CCDF for both the techniques. The comparisons of SQRT and μ-law companding techniques are carried out using theoretical and simulation results. It is verified that the μ-law companding technique is better than SQRT technique for PAPR reduction.