Little research has examined the intersection of derived relations and observational learning, which may be an avenue by which an instructor can increase the total amount of learning while conserving instructional resources. In this study, we investigated this intersection in the context of teaching third-grade students fraction-pictogram-percentages equivalence classes. We taught participants two baseline relations and observed the emergence of all possible derived relations. Prior to training, the participants could sort percentage stimuli from least to greatest (comparative relations), but could not do this with fraction stimuli. Following the formation of equivalence classes, the participants could accurately sort fraction stimuli, thus demonstrating the transfer of function. Two additional participants observed the target participants undergo the training of baseline relations. The observing participants acquired baseline relations with no direct reinforcement, derived all relations, and demonstrated transfer of function. These findings suggest a novel way to incorporate equivalence-based instruction into classroom settings.