Redundancy and reduction are two main methods for improving system reliability. In a redundancy method, system reliability can be improved by adding extra components  to some original components of the system. In a reduction method, system reliability increases by reducing the failure rate at all or some components of the system. Using the concept of reliability equivalence factors, this paper investigates equivalence between the reduction and redundancy methods. A closed formula is obtained for computing the survival equivalence factor. This factor determines the amount of reduction in the failure rate of a system component(s) to reach the reliability of the same system when it is improved. The effect of component importance measure is also studied in our derivations.