I'm not even sure this question is meaningful because any irrational number can be approximated by a rational as close as you want. But given that there are infinitely many irrationals between any two rationals, surely some must be closer to a rational number than others?
Is there a metric by which irrationals can be ranked, or can we compare two irrationals, based on how far they are from a rational?
I'm having trouble wrapping my head around this, can anyone assist?
This notion can be formalized in terms of distance between sets. In a metric space $(M,d)$ with $X,Y \subseteq M$, we can formalize the Hausdorff distance in particular by
$$d_{\mathrm H}(X,Y) := \max\left\{\,\sup_{x \in X} \left( \inf_{y \in Y} d(x,y)\right), \sup_{y \in Y} \left( \inf_{x \in X} d(x,y)\right) \right\}$$
In particular, if $\overline X = \overline Y$, then $d_{\rm H} = 0.$ This is the case for $\Bbb Q$ and $\Bbb R \setminus \Bbb Q$, which have closure $\Bbb R$, and so the distance between the rationals and irrationals is zero. In particular what this, more intuitively, claims is that for any irrational $x$, you can pick a rational $y$ that is within any distance you want from $x$.
For instance, take $y_n$ to be $x$, up to $n$ places after the decimal, i.e.
$$y_n := \frac{ \lfloor 10^n x \rfloor}{10^n}$$
Then $y_n \in \Bbb Q$ $\forall n \in \Bbb N$ while $x \in \Bbb R \setminus \Bbb Q$, but $y_n \to x$ as $n \to \infty$. Thus, the sequence $\{y_n\}_{n \in \Bbb N}$ gets "arbitrarily close" to $x$ as $n$ grows, at least within the Euclidean distance.
Which touches on an important point -- the question is somewhat ill-defined, in the sense of "how do we say two points or two sets are close? how do we quantify closeness?" Absent of any other definition, we can see that the rationals and irrationals are a distance zero from each other, but only under a particular definition. The Hausdorff distance is a metric motivated by the simpler distance $d(x,Y)$ between a point and a set, and a distance $d(X,Y)$ between sets, defined by
\begin{align*} d(x,Y)&:=\inf \{ d(x,y) \mid y \in Y \}\\ d(X,Y)&:=\sup \{ d(x,Y) \mid x \in X \} \end{align*}
Another interesting take, as given in the comments by Robert Israel, is the irrationality measure. If $x$ has irrationality measure $\mu$, then $\mu$ is the smallest number where $\exists Q \in \Bbb Z^+$ such that, $\forall \varepsilon > 0$ and $\forall q \ge Q$,
$$\left| x - \frac p q \right| > \frac{1}{q^{\mu + \varepsilon}}$$
which helps to encode how poorly one can approximate $x$ by rational numbers $p/q$, in the sense that higher $\mu$ implies it is easier to approximate. (Specifically, approximate $x$ by rational numbers which are not $x$ itself, since we may define $\mu$ for all $x \in \Bbb R$.)
(Which I find quite interesting -- the definition of $\mu$ and the values it takes on $\Bbb Q$, the algebraic numbers, and the transcendental numbers imply that it's easier to approximate most transcendental numbers than it is algebraic numbers, or to approximate irrational numbers than it is to approximate rational numbers by other rational numbers.)