I apologize for the length of this answer but length is needed to understand the exegesis.
I recognize the manuscript evidence dispute over the presence of the statement “for many be called but few chosen” (KJV) in Matthew 20:16 as mentioned by Dottard in his answer to this question. However, I believe it is still worthwhile to answer the question as to whether the usage of the phrase in both places (Matthew 20:16 and Matthew 22:14) convey the same meaning since a number of manuscripts contain the disputed phrase in Matthew 20.
If we fully understand the entire context of Matthew 22:14 we then see that the meaning lines up exactly with the intention expressed in Matthew 20:16.
The traditional view of the phrase in Matthew 22:14 is derived mainly on the parable of the Wedding Feast for the King’s son (verses 1-13). The traditional view states that even though many people are called by God to receive the gospel of grace, there are only a few who actually are chosen to receive the free gift of salvation. However, is this really the proper view of the usage of the phrase?
In order to properly understand Matthew 22:14 we must look at the entire context which starts in Matthew 21. In Matthew chapter 21 starting at verse 23 the Pharisees confront Jesus for overturning the tables in the temple. Jesus says that He will only answer their question of His authority if they answer His question about John the Baptist. Jesus asks the Pharisees about John’s baptism; was it from God or from men?
When the Pharisees say that they cannot tell whether John’s baptism was from God or men, Jesus refuses to answer their question of His authority. However, Jesus seizes the opportunity to teach on what the baptism of John the Baptist was all about. John’s baptism was about repentance for John preached the baptism of repentance (Mark 1:4, Luke 3:3). Jesus then launches into 3 parables about the baptism of repentance. We must understand the message of all three parables in order to understand and the phrase “many are called by few chosen” in Matthew 22:14.
The first parable (v28-32) is the story about two brothers. This parable contrasts repentance by the first son and non repentance by the second son.
The second parable (v33-43) is about the vineyard owner who lets out his vineyard to workers who are expected to give back the owners share of fruits at harvest time. The story highlights the lack of repentance of the vineyard workers who seek to gain entrance to the kingdom of God by their own efforts as they say that they will kill the King’s son in order to seize on His inheritance (v38). We also understand that the vineyard workers represent the nation of Israel based on the upcoming words of Jesus.
In verse 40, Jesus asks the Pharisees, “so what will the vineyard owner do to these people who have rejected and murdered his son”? The Pharisees properly reply “the owner will miserably destroy those workers and then give the vineyard to others who will render its fruit in due season”. Jesus then makes this remarkable statement:
Matthew 21:43 (KJV)
Therefore say I unto you, The kingdom of God shall be taken from you, and given to a nation bringing forth the fruits thereof.
Here Jesus clearly demonstrates the change over from Old Covenant to New Covenant. Again, the parable highlights the lack of repentance by the Jews since they are clinging to the Old Covenant of the works of the law. The Gentiles are the ones who accept God's grace who demonstrate faith and repentance and are the ones who give back the gifts of God (faith and repentance) when the Lord calls for them.
Verse 43 is hugely significant because it tells us how to interpret the 3rd parable (Matthew 22:1-14) about the wedding feast for the king’s son. This third parable is about how different groups of people respond to the call of God, God’s invitation to come and to receive salvation.
The first group in the parable represents the nation of Israel and how they continually rejected the plan of God; they murdered the prophets and actually will reject the Messiah. This group of people did not repent but only maintained their insistence on keeping their own righteousness, attempting to enter heaven by their own efforts resisting the call of the king to come and receive his grace.
Jesus stated in Matthew 21:43 that God will now take the kingdom of God from this group (Israel - God’s chosen people) and now give it to the Gentiles.
The second group of people (the Gentiles) are the ones who accept God’s invitation to receive His free gift of salvation as they are seen coming to the wedding feast and accepting God’s wedding garment. These people are the one’s who have repented as defined by Hebrews 6:1. They have rejected their own plan to enter heaven by self effort, turned from that and turned toward faith in Jesus Christ. They attend the wedding clothed not in their own garment but the pure white wedding garment of the righteousness of Christ. This group is the one who will give back to God the fruits in due season (re: v41 and 43).
So, we see that in all three parables everyone was called by the God figure in the story.
The sons were called to go work in the father’s vineyard. The vineyard workers were called to give the owner his harvest fruit and everyone was invited to the wedding feast of the King’s son. Everyone was called to repent and do the will of the Father!
However, how do we reconcile the usage of the word “many” in Matthew 22:14 when all three parables demonstrate that “all” were called. If we understand the use of Jewish idiom, we see that there is biblical support for the use of the idiom “many” to mean “all”.
Romans 5:18-19 (KJV)
18 Therefore as by the offence of one (Adam) judgment came upon all men to condemnation; even so by the righteousness of one (Jesus) the free gift came upon all men unto justification of life. 19 For as by one man’s disobedience many were made sinners, so by the obedience of one shall many be made righteous.
Here we see that the word “many” is synonymous with the word “all”.
So based on understanding the entire context of repentance, including Jesus' words to take the Kingdom of God from the chosen ones and give it to everyone and understanding the use of Jewish idiom, we can understand the phrase “many are called but few chosen’ to mean all are called and none are chosen!
Now with that understanding of Matthew 22:16, we turn to Matthew 20:14. Here we see the same intention.
In Matthew 20:1-16 we see the parable of the hired workers who all get the same day’s wage even though they work different hours. This story clearly shows that God is no respecter of persons and He treats everyone the same. Since salvation is based on God’s grace and not any human work or effort, we see that no amount of human effort gets any special treatment from the vineyard owner. All people are treated the same. So, the statement in verse 15 that the first will be last and vice versa, perfectly represent that sentiment as all people are treated equally. Verse 16 then, “for many be called but few chosen” then means the exact same thing as we see in Matthew 22:16: all are called but none chosen. All are called to receive the same reward of God’s grace and no one is chosen due to any amount of human effort.