A liner hanger features a pressure balanced setting sleeve system that applies no net force to the slips when internal pressure is raised in access ports associated with opposed actuation sleeves such that applied pressure results in opposed forces that cancel each other out. When one of the sleeves is isolated from tubing pressure and the other port to the other sleeve is pressurized, the bi-directional slips are extended and their extended position is locked with a lock ring to hold the set of the liner hanger against release.