Which is the best or easiest method for determining equivalence between two automata?
I.e., if given two finite automata A and B, how can I determine whether both recognize the same language?
They are both deterministic or both nondeterministic.
Two nondeterministic finite automota (NFA's) are equivalent if they accept the same language.
To determine whether they accept the same language, we look at the fact that every NFA has a minimal DFA, where no two states are identical. A minimal DFA is also unique. Thus, given two NFA's, if you find that their corresponding minimal DFA's are equivalent, then the two NFA's must also be equivalent.
For an in-depth study on this topic, I highly recommend that you read An Introduction to Formal Language and Automata.