From Lifetime Fitness's site here is how they compute the equalizer
Heres how the Equalizer works: About three weeks before race time, Life Time Tri officials meet and peruse the list of pro athletes who have registered for the race. They compare the race times of male and female athletes over the same courses: What was the time difference between Barb Lindquist and Simon Whitfield in the International Triathlon Union Edmonton race? How did Greg Bennett and Michelli Jones cover the Wildflower course?
With those numbers in hand and the previous years LTF Tri times, officials compute a handicap for the women pro athletes. Last year, the handicap was 9 minutes 41 seconds. When the gun went off, Barb Lindquist and 15 women plunged into the water for their 1.5-kilometer swim and left 20 pro men standing on the shore for close to 10 minutes. The guys had 51.5 kilometers of swimming, biking and running to catch up. But they never did. Lindquist crossed the line 1 minute, 26 seconds ahead of Whitfield, the first male.
The Equalizer makes the Life Time Tri an exciting race to compete in, and to watch. For the second year, the entire race will be covered the same day on NBC Sports television. No other triathlon gets such immediate coverage; the Ironman in Hawaii, for example, is broadcast several weeks after the actual event.