The objective of this work is to numerically reveal the effect of equivalence ratio change on the simultaneous reduction of NOX and soot emissions from the simulated-EGR compression ignition engine containing CO2. An experiment was conducted by using a single-cylinder common-rail injection system engine, an intake control system, and exhaust emissions analyzers. The numerical analysis results were validated under the same experimental conditions. To investigate the effect of equivalence ratio by simulated-EGR containing CO2, the O2, N2, and CO2 mole fraction were changed in the initial air conditions to the cylinder. The results were analyzed in terms of peak cylinder pressure, indicated mean effective pressure, indicated specific nitrogen oxide, and indicated specific soot. It was revealed that ignition delay characteristics and heat release rate (ROHR) characteristics were not significantly different according to the equivalence ratio. However, as the equivalence ratio increased from 0.68 to 0.83, the maximum combustion pressure and IMEP decreased by about 6.5% and 9.4%, respectively. In the case of ISFC, as is well known, the trend is opposite of IMEP. In the case of ISNO, as the equivalence ratio increased, less NO was generated, and as the equivalence ratio increased by 0.05, the ISSoot value of about 10% increased.