equivalent in that it is the herbal version of ephedrine. Ephedra is not as powerful or efficient as Ephedrine HCL and I can safely say that through experience with both. I have no idea of the reasoning behind banning "Ephedra" but not "Ephedrine HCL".
Ephedrine HCL is the pharma drug sold OTC for asthma. Ephedra not only contains ephedrine alkaloids but other stimulant alkaloids, it's a "dirty" compound so to speak. I have always used pure ephedrine HCL over crappy ephedra.