The phrase "equivalent to it" is correct and usable in written English.
You can use it when comparing two things to indicate that they have the same value, meaning, or function.
Example: "The new software is equivalent to it in terms of performance and features."
Alternatives: "comparable to it" or "on par with it."
Exact(35)
Effectively we would be treating "p" as equivalent to "it is necessary that p".
One might even say that "there will not be a sea-battle tomorrow" is ambiguous; it could be equivalent to "it is not necessary that there will be sea-battle tomorrow" or it could be equivalent to "it is necessary that there will be no sea-battle tomorrow".
The document, presuming a Confederate victory, promised that, after the war, the vessel's owners would pay the Confederate government a fee equivalent to it and its cargo's assessed value; after the signing, the ship was allowed to sail away.
The second property is uniqueness: the necessary has no "homologue": there is nothing that even if equivalent to it as regards its definition could exist together with it and thus occupy the same rank of existence, without being either its cause or its effect.
"Freedom is a blessing, and there's no equivalent to it," Mr. Hassan said.
Farming, raising animals and growing food, is something that you do from love; there's no equivalent to it.
Similar(24)
Whether or not it is equivalent to homicide, it is certainly a serious act of violence towards a human creature.
Moreover, it is equivalent to. it is also equivalent to (2.5).
It is a policy equivalent to faith; it is a claim made without evidence or reason.
After a teacher got a toothache, Ms. Jordan learned that teachers expected dental insurance, and would rather have it than a salary increase equivalent to what it cost.
The devices could influence as much as 18% of all annual retail sales by 2016, equivalent to £43bn, it added.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com