Bits of security, not bits of key
"128-bit security" means an attacker needs on the order of 2^128 operations to break the scheme — roughly the same difficulty regardless of which algorithm provides it. But the key size needed to reach a given security level varies enormously by algorithm family, because each is broken by a different class of attack.
For AES (symmetric), the key size and the security level are the same number: a 128-bit key gives ~128-bit security. For RSA (broken by factoring, which has a sub-exponential classical algorithm), you need a much larger key — 3072 bits — to reach the same ~128-bit security level. For ECC (broken by the elliptic curve discrete log problem, which has no known sub-exponential classical attack), a 256-bit key already reaches ~128-bit security.
A rough equivalence table
Roughly comparable classical security levels: 80-bit (deprecated) ≈ 1024-bit RSA ≈ 160-bit ECC. 112-bit (minimum acceptable today) ≈ 2048-bit RSA ≈ 224-bit ECC. 128-bit (current baseline) ≈ 3072-bit RSA ≈ 256-bit ECC ≈ AES-128. 192-bit ≈ 7680-bit RSA ≈ 384-bit ECC ≈ AES-192.
These figures (based on NIST SP 800-57 guidance) are why a 2048-bit RSA key and a 256-bit ECC key are often deployed side by side as "equivalent" choices — they target the same classical security level via very different key sizes.
NIST SP 800-57 rough security-level equivalence
80-bit (deprecated)
1024-bit RSA ≈ 160-bit ECC
112-bit (today's minimum)
2048-bit RSA ≈ 224-bit ECC
128-bit (current baseline)
3072-bit RSA ≈ 256-bit ECC ≈ AES-128
192-bit
7680-bit RSA ≈ 384-bit ECC ≈ AES-192
Why this table breaks under quantum attack
This whole equivalence table assumes only classical computers. Shor's algorithm collapses RSA and ECC security to essentially nothing at any key size, on a sufficiently large fault-tolerant quantum computer — making the classical size/security relationship irrelevant for those two families. AES and SHA-2 degrade far more gracefully (Grover's algorithm roughly halves the effective security level), which is why the PQC conversation is really about replacing public-key algorithms, not symmetric ones.