"President Park and myself very much share the view that we are going to maintain a strong deterrent, we`re not going to reward provocative behavior, but we remain open to the prospect of North Korea taking a peaceful path," he said.
Obama`s meeting with Park, South Korea`s first female president, comes after signs of what a Pentagon spokesman called "provocation pause" by Pyongyang after nearly months of threats to attack the United States and South Korea.
U.S. officials told Reuters on Monday that North Korea had taken two medium-range Musudan missiles off launch-ready status and moved them from the country`s east coast.
The move, which followed a relative toning down of bellicose rhetoric from North Korean state media, could easily be reversed because the Musudan are mobile missiles, U.S. and South Korean officials cautioned.
Park, 61, said North Korea`s isolation made it difficult to figure out whether and why Pyongyang had changed tack.
"Why is North Korea appearing to de-escalate its threats and provocations? There is no knowing for sure," she said through a translator.
U.S. Defense Secretary Chuck Hagel, taking a cautious approach when asked about an apparent reduction in tensions, said the United States remained prepared for "any contingency."
"We would hope that the leadership in North Korea understands that the wiser course of action is to participate in a process toward peace," Hagel told a Pentagon news briefing.
Park, who took office in February just after North Korea conducted its third nuclear weapons test and began a 10-week campaign of near-daily treats to attack the South and U.S. territory with nuclear weapons.
Daniel Russel, the senior director for Asian affairs at the National Security Council, told reporters that Washington and Seoul were serious about deterring North Korea provocations and on holding Pyongyang to a denuclearization agreement.
"We both support incremental engagement and are prepared to support the North if they make the right decision and take steps to abide by their international obligations," he said on Monday.
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