Well technically equity is the actual money amount you are "due" from the pot.

so in swigs example if you are both allin for a total of $100


two examples:
Board: 6c 7c A

equity win tie pots won pots tied
Hand 0: 43.737% 43.74% 00.00% 433 0.00 { AhKs }
Hand 1: 56.263% 56.26% 00.00% 557 0.00 { 9c8c }

AK has $43.737 equity while 98 has $56.26 equity.

Youll probably make the right choices with either definition though.