diff --git a/.changes/unreleased/Features-20230604-080052.yaml b/.changes/unreleased/Features-20230604-080052.yaml
new file mode 100644
index 00000000000..50e8dda5bdb
--- /dev/null
+++ b/.changes/unreleased/Features-20230604-080052.yaml
@@ -0,0 +1,6 @@
+kind: Fixes
+body: Fix null-safe equals comparison via `equals`
+time: 2023-06-04T08:00:52.537967-06:00
+custom:
+  Author: dbeatty10
+  Issue: "7778"
diff --git a/tests/adapter/dbt/tests/adapter/utils/base_utils.py b/tests/adapter/dbt/tests/adapter/utils/base_utils.py
index 75d621c2bf9..622b4ab4224 100644
--- a/tests/adapter/dbt/tests/adapter/utils/base_utils.py
+++ b/tests/adapter/dbt/tests/adapter/utils/base_utils.py
@@ -2,9 +2,11 @@
 from dbt.tests.util import run_dbt
 
 macros__equals_sql = """
-{% macro equals(actual, expected) %}
-{# -- actual is not distinct from expected #}
-(({{ actual }} = {{ expected }}) or ({{ actual }} is null and {{ expected }} is null))
+{% macro equals(expr1, expr2) -%}
+case when (({{ expr1 }} = {{ expr2 }}) or ({{ expr1 }} is null and {{ expr2 }} is null))
+    then 0
+    else 1
+end = 0
 {% endmacro %}
 """
 
@@ -15,6 +17,15 @@
 {% endtest %}
 """
 
+macros__replace_empty_sql = """
+{% macro replace_empty(expr) -%}
+case
+    when {{ expr }} = 'EMPTY' then ''
+    else {{ expr }}
+end
+{% endmacro %}
+"""
+
 
 class BaseUtils:
     # setup
@@ -23,6 +34,7 @@ def macros(self):
         return {
             "equals.sql": macros__equals_sql,
             "test_assert_equal.sql": macros__test_assert_equal_sql,
+            "replace_empty.sql": macros__replace_empty_sql,
         }
 
     # make it possible to dynamically update the macro call with a namespace
diff --git a/tests/adapter/dbt/tests/adapter/utils/fixture_concat.py b/tests/adapter/dbt/tests/adapter/utils/fixture_concat.py
index d1630af3eea..8421d53eb66 100644
--- a/tests/adapter/dbt/tests/adapter/utils/fixture_concat.py
+++ b/tests/adapter/dbt/tests/adapter/utils/fixture_concat.py
@@ -1,18 +1,29 @@
 # concat
 
+# https://github.com/dbt-labs/dbt-core/issues/4725
 seeds__data_concat_csv = """input_1,input_2,output
 a,b,ab
-a,,a
-,b,b
-,,
+a,EMPTY,a
+EMPTY,b,b
+EMPTY,EMPTY,EMPTY
 """
 
 
 models__test_concat_sql = """
-with data as (
+with seed_data as (
 
     select * from {{ ref('data_concat') }}
 
+),
+
+data as (
+
+    select
+        {{ replace_empty('input_1') }} as input_1,
+        {{ replace_empty('input_2') }} as input_2,
+        {{ replace_empty('output') }} as output
+    from seed_data
+
 )
 
 select
diff --git a/tests/adapter/dbt/tests/adapter/utils/fixture_equals.py b/tests/adapter/dbt/tests/adapter/utils/fixture_equals.py
new file mode 100644
index 00000000000..67a6699c6ef
--- /dev/null
+++ b/tests/adapter/dbt/tests/adapter/utils/fixture_equals.py
@@ -0,0 +1,41 @@
+# equals
+
+SEEDS__DATA_EQUALS_CSV = """key_name,x,y,expected
+1,1,1,same
+2,1,2,different
+3,1,null,different
+4,2,1,different
+5,2,2,same
+6,2,null,different
+7,null,1,different
+8,null,2,different
+9,null,null,same
+"""
+
+
+MODELS__EQUAL_VALUES_SQL = """
+with data as (
+
+    select * from {{ ref('data_equals') }}
+
+)
+
+select *
+from data
+where
+  {{ equals('x', 'y') }}
+"""
+
+
+MODELS__NOT_EQUAL_VALUES_SQL = """
+with data as (
+
+    select * from {{ ref('data_equals') }}
+
+)
+
+select *
+from data
+where
+  not {{ equals('x', 'y') }}
+"""
diff --git a/tests/adapter/dbt/tests/adapter/utils/fixture_hash.py b/tests/adapter/dbt/tests/adapter/utils/fixture_hash.py
index 39d8f02704c..91f366fc504 100644
--- a/tests/adapter/dbt/tests/adapter/utils/fixture_hash.py
+++ b/tests/adapter/dbt/tests/adapter/utils/fixture_hash.py
@@ -1,18 +1,28 @@
 # hash
 
+# https://github.com/dbt-labs/dbt-core/issues/4725
 seeds__data_hash_csv = """input_1,output
 ab,187ef4436122d1cc2f40dc2b92f0eba0
 a,0cc175b9c0f1b6a831c399e269772661
 1,c4ca4238a0b923820dcc509a6f75849b
-,d41d8cd98f00b204e9800998ecf8427e
+EMPTY,d41d8cd98f00b204e9800998ecf8427e
 """
 
 
 models__test_hash_sql = """
-with data as (
+with seed_data as (
 
     select * from {{ ref('data_hash') }}
 
+),
+
+data as (
+
+    select
+        {{ replace_empty('input_1') }} as input_1,
+        {{ replace_empty('output') }} as output
+    from seed_data
+
 )
 
 select
diff --git a/tests/adapter/dbt/tests/adapter/utils/fixture_null_compare.py b/tests/adapter/dbt/tests/adapter/utils/fixture_null_compare.py
index 8a524010082..9af2f9a2e32 100644
--- a/tests/adapter/dbt/tests/adapter/utils/fixture_null_compare.py
+++ b/tests/adapter/dbt/tests/adapter/utils/fixture_null_compare.py
@@ -8,7 +8,7 @@
 MODELS__TEST_MIXED_NULL_COMPARE_YML = """
 version: 2
 models:
-  - name: test_null_compare
+  - name: test_mixed_null_compare
     tests:
       - assert_equal:
           actual: actual
diff --git a/tests/adapter/dbt/tests/adapter/utils/test_equals.py b/tests/adapter/dbt/tests/adapter/utils/test_equals.py
new file mode 100644
index 00000000000..51e7fe84bd3
--- /dev/null
+++ b/tests/adapter/dbt/tests/adapter/utils/test_equals.py
@@ -0,0 +1,54 @@
+import pytest
+from dbt.tests.adapter.utils.base_utils import macros__equals_sql
+from dbt.tests.adapter.utils.fixture_equals import (
+    SEEDS__DATA_EQUALS_CSV,
+    MODELS__EQUAL_VALUES_SQL,
+    MODELS__NOT_EQUAL_VALUES_SQL,
+)
+from dbt.tests.util import run_dbt, relation_from_name
+
+
+class BaseEquals:
+    @pytest.fixture(scope="class")
+    def macros(self):
+        return {
+            "equals.sql": macros__equals_sql,
+        }
+
+    @pytest.fixture(scope="class")
+    def seeds(self):
+        return {
+            "data_equals.csv": SEEDS__DATA_EQUALS_CSV,
+        }
+
+    @pytest.fixture(scope="class")
+    def models(self):
+        return {
+            "equal_values.sql": MODELS__EQUAL_VALUES_SQL,
+            "not_equal_values.sql": MODELS__NOT_EQUAL_VALUES_SQL,
+        }
+
+    def test_equal_values(self, project):
+        run_dbt(["seed"])
+        run_dbt(["run"])
+
+        # There are 9 cases total; 3 are equal and 6 are not equal
+
+        # 3 are equal
+        relation = relation_from_name(project.adapter, "equal_values")
+        result = project.run_sql(
+            f"select count(*) as num_rows from {relation} where expected = 'same'", fetch="one"
+        )
+        assert result[0] == 3
+
+        # 6 are not equal
+        relation = relation_from_name(project.adapter, "not_equal_values")
+        result = project.run_sql(
+            f"select count(*) as num_rows from {relation} where expected = 'different'",
+            fetch="one",
+        )
+        assert result[0] == 6
+
+
+class TestEquals(BaseEquals):
+    pass
diff --git a/tests/adapter/dbt/tests/adapter/utils/test_null_compare.py b/tests/adapter/dbt/tests/adapter/utils/test_null_compare.py
index 58a1c9daaf9..eac901f3972 100644
--- a/tests/adapter/dbt/tests/adapter/utils/test_null_compare.py
+++ b/tests/adapter/dbt/tests/adapter/utils/test_null_compare.py
@@ -14,8 +14,8 @@ class BaseMixedNullCompare(BaseUtils):
     @pytest.fixture(scope="class")
     def models(self):
         return {
-            "test_mixed_null_compare.yml": MODELS__TEST_MIXED_NULL_COMPARE_SQL,
-            "test_mixed_null_compare.sql": MODELS__TEST_MIXED_NULL_COMPARE_YML,
+            "test_mixed_null_compare.yml": MODELS__TEST_MIXED_NULL_COMPARE_YML,
+            "test_mixed_null_compare.sql": MODELS__TEST_MIXED_NULL_COMPARE_SQL,
         }
 
     def test_build_assert_equal(self, project):
@@ -32,7 +32,7 @@ def models(self):
         }
 
 
-class TestMixedNullCompare(BaseNullCompare):
+class TestMixedNullCompare(BaseMixedNullCompare):
     pass