Simpson's rule is a method for approximating the area under a curve using the curve's ordinate and abscissa values. It divides the area into an even number of subintervals and approximates the area as the sum of weighted ordinate values. Simpson's rule provides a closer approximation to the actual area than the trapezoidal rule. The document provides the equation for Simpson's rule and an example of its application to approximate the area under a curve divided into six subintervals.