Traditional reservoir flood control operations in China have long relied on a fixed Flood Limited Water Level (FLWL), which frequently results in the underutilization of water resources during flood seasons. Dynamic FLWL regulation and joint reservoir operation have emerged as core strategies to optimize floodwater resource utilization while ensuring flood control safety. However, these approaches typically treat the flood control storage capacity of individual reservoirs as fixed constraints, failing to consider the potential for reallocating this capacity within a cascade reservoir system. This study explores the concept of “equivalent utilization of flood control storage capacity” among cascade reservoirs. Focusing on the four major reservoirs (Wudongde, Baihetan, Xiluodu, and Xiangjiaba) in the lower reaches of the Jinsha River, a methodology for analyzing the equivalent index of their flood control storage capacity is established. The core of this methodology involves a two-round scheduling simulation under various design flood scenarios. The first round of simulation adheres to standard operating rules, while the second round allows upstream reservoirs to retain additional flood volume—with downstream reservoirs correspondingly reducing their outflow—on the premise that downstream safety targets are satisfied. The equivalent index is defined as the ratio of the reduced storage capacity utilized downstream to the additional storage capacity utilized upstream. Nine design flood scenarios (covering three typical years with 1%, 2%, and 5% exceedance probabilities) for flood control in the Sichuan-Chongqing reach were analyzed, with the tightly coupled Wudongde-Baihetan and Xiluodu-Xiangjiaba reservoir pairs treated as two integrated units. The results indicate that the equivalent indices between these two reservoir groups range from 0.96 to 0.999, demonstrating near-perfect functional interchangeability of their flood control storage capacities for the specified research objective. For practical engineering application, a value of 0.96 is recommended as the lower-bound equivalent index. This study provides a methodological framework and specific index to support the dynamic, coordinated, and more efficient utilization of flood control storage capacity in large-scale cascade reservoir systems.