You want a map from ${\bf Z}[[x]]$ to that ring of coefficient-restricted power series, with kernel generated by $p-x$. Here's a start on constructing such.
Any positive integer can be written in base $p$ as $a=a_0+a_1p+\cdots+a_rp^r$ with $0\le a_i\le p-1$ for each $i$. This gives you a map $\phi$ from positive integers to (coefficient-restricted) polynomials by $\phi(a)=a_0+a_1x+\cdots+a_rx^r$. Now all you have to do is extend the domain from the positive integers to ${\bf Z}[[x]]$.
Start with the negative integers. In fact, start with $-1$; $$-1=(p-1)+(p-1)p+(p-1)p^2+\cdots$$ so $$\phi(-1)=(p-1)+(p-1)x+(p-1)x^2+\cdots$$ Now you can get $\phi(n)$ for any negative integer $n$ as a coefficient-restricted power series - details left to the reader.
The more complicated problem is what to do after you've applied $\phi$ to each coefficient of an element of ${\bf Z}[[x]]$ and because of the interaction between coefficients you still have some (perhaps infinitely many) coefficients outside the desired range. Well, apply $\phi$ again, and again, and again. After $k$ applications, at least the first $k$ coefficients will be OK, and they will stay OK forever after, so in the limit, you have your isomorphism.
There's probably a way of stating this in finite terms, but I'm not seeing it right now.