It actually depends upon what you mean by ' equivalent AWG'. If you mean 'same amount of copper', then you get one answer. If you mean 'same current carrying capacity' then you get another answer.
As MR. S notes, for purposes of building wiring and increasing ampacity, you can only parallel 1/0 or larger conductors. When doing so, you are permitted to add up the amp rating of the individual conductors, derating as necessary for number of current carrying conductors. The _equation_ that you use would be some derivative of the Neher Mcgrath formula, which takes into account wire resistance, ambient thermal conditions, and insulation temperature rating to determine the conductor ampacity.
The 'same amount of copper' question comes up all the time when building electric motors. For electric motors it is quite common to run very small conductors and conductors of different size in parallel in order to get easy winding and best slot fill. For these motors, wire of every imaginable AWG is available, including fractional AWG. Sitting on the shelf I have a spool of 21.5 AWG magnet wire with class 220C insulation.
The approximate rule for wire area is that 3 gauge numbers is equal to a doubling of area. The _exact_ number is 19.5 * ln(2)/ln(92) = 2.9891645.....
The diameter of a wire in mils is given by the equation 5 * 92^((36-n)/39) where n is the gauge number. From this you can derive a formula for the area of a wire in circular mils; the equation is 25 * 92^((36-n)/19.5) where n is the gauge number.
From these equations you can make a spreadsheet that shows the equivalence of different wire sizes.
-Jon