Equity has become a central principle in educational policy and leadership around the world. However, there is a wide range of interpretations of equity and what it means in education. In this article we explore different definitions of educational equity from policy and leadership perspectives. Our aim is to give an operational definition of equity in education to overcome vague interpretations and better guide the development of educational leadership for more consistent approaches to improving equity in education. We argue that equity in education should refer to equity of educational outcomes and incorporate both an individual and a social group aspect. We then claim that equality of outcomes is more relevant to comparisons between social groups than individuals, and we call that social equity. In current literature one or the other aspect has been adopted as an equity objective, but it appears combining the two elements is much less common. This dual objective is unique in the discussion around what equity in education means and how it could guide educational policymaking and leadership.