The Collaborative International Dictionary of English v.0.48:

Equalize \E"qual*ize\, v. t. [imp. & p. p. Equalized; p. pr. &
   vb. n. Equalizing.] [Cf. F. ['e]galiser.]
   1. To make equal; to cause to correspond, or be like, in
      amount or degree as compared; as, to equalize accounts,
      burdens, or taxes.
      [1913 Webster]

            One poor moment can suffice
            To equalize the lofty and the low.    --Wordsworth.
      [1913 Webster]

            No system of instruction will completely equalize
            natural powers.                       --Whately.
      [1913 Webster]

   2. To pronounce equal; to compare as equal.
      [1913 Webster]

            Which we equalize, and perhaps would willingly
            prefer to the Iliad.                  --Orrery.
      [1913 Webster]

   3. To be equal to; equal; to match. [Obs.]
      [1913 Webster]

            It could not equalize the hundredth part
            Of what her eyes have kindled in my heart. --Waller.
      [1913 Webster]

   Equalizing bar (Railroad Mach.), a lever connecting two
      axle boxes, or two springs in a car truck or locomotive,
      to equalize the pressure on the axles.
      [1913 Webster]

Moby Thesaurus II by Grady Ward, 1.0:

33 Moby Thesaurus words for "equalizing":
   accommodation, adjustment, changeable, commutable, commutative,
   convertible, coordination, equal, equalization, equating, equation,
   equilibration, equivalent, even, evening, evening up, exchanged,
   give-and-take, integration, interchangeable, interchanged, mutual,
   permutable, reciprocal, reciprocating, reciprocative, retaliatory,
   returnable, standard, swapped, switched, traded, transposed