It is fairly straightforward to theorycraft the equivalence of stats for a given ability. Variables that don't change often cancel out nicely, yielding a clean, concise result. This post will extend those general methods to multi-ability "rotations" (which, in fact, need not be periodic at all).
The Absolute Difference Formulation
Let us consider an abstract objective function

that is a function of stats and abilities represented by a vector

. That is, we're considering the effects of different stats on the value of
)
. Any change in stats or circumstances can be expressed as

and the magnitude of the effect of that change given by
 - F(\vec u)= \Delta F(\vec u, \Delta \vec u))
. For brevity, I'll abbreviate this as

.
For some combination of abilities used, we have...
...where

is a weighting constant. The meaning of

can vary based on the problem: in a calculation of just raw damage for the whole rotation or sequence,

represents the number of times the kth ability is used. In a calculation of overall DPS, it would represent the proportion of time spent using the kth ability.
Due to the linearity of the problem, we can conclude that

. Ultimately, what we want to do is substitute some expression
= \Delta \vec F_u)
. The most convenient case is when
= \Delta u \vec \kappa = \Delta \vec F_u)
, where

is a constant vector. This is the linear case, where the stat has no quadratic or higher-order effects on the objective function. In practice, for sufficiently small stat changes, we can approximate the problem as completely linear without much loss of precision.
Now then, what we ultimately have is
)
. If we consider some other possible stat change

, that would look like
)
. The whole idea of stat equivalence is that we set

, which leads us to...
It behooves us, for the moment, to go back to the one-ability case. In this case, we deal with not vectors but constants:

. A good result: it means that the constants we're using are based on the one-ability case.
The Relative Difference Formulation
It's also useful to consider

, the reative difference instead of just the absolute difference (I use the nabla symbol to denote this, though that's much less standard than the delta for the absolute difference, and it risks confusion with the gradient). We have...
...where
The advantage of this approach is that

has a special meaning: the kth element of this vector is the proportion of

contributed by

, or by the kth ability in the "rotation" or sequence. For example, if we're dealing in expected damage or DPS functions, this value would be equal to the proportion of total damage done by a given ability, which is something you could obtain without calculation but from a wws parse.
As before, we can approximate

as linear, meaning

. Thus, we now have a different version of our expression for stat equivalence:
An Example: +spell power vs. +spell crit
At this point, it's easy to get lost in the notation or the formulas, so I'll provide a concrete example: let's consider an Arcane/Frost mage (I choose this example for simplicity; more common Fire builds have problems with Ignite when considering practical application of this procedure--more general problems involving 3+ abilities or the damage of a melee class would be that much more cumbersome).
We'll assume that this mage uses Arcane Blast and Frostbolt, with Arcane Blast being 69% of the damage done and Frostbolt 31%. Let AB have a 41% crit rate, Frostbolt 40%. Assume 1400 +damage on average. Let's examine the equivalence between +damage and +crit.
Obviously,
)
(order is not relevant, as long as we're consistent). Note that, in general...
...where m = average base damage, r = +damage coefficient, and d = +damage. m = 700 ish for AB, r = .714. m = 623.5 ish for Frostbolt, and r = .814. d = 1400 for both. Using these values, we get
\cdot 10^{-4})
.
In general...
Where b is the crit bonus and c the crit chance. b = .75 for AB, 1.25 for an Arc/Frost Frostbolt. c was given to us above.
)
.
Which is a fairly sensible result.
Application with WWS?
When I started to tackle the problem of multi-ability equivalences, I doubted there would be any practical application to the math behind it. However, I knew it would be interesting to start with the expressions for relative differences, as the percentage of one's damage or DPS from a given spell or ability could be easily estimated by a damage meter or WWS. WWS, of course, has its share of problems: any given boss fight constitutes a somewhat small sample size, which means big error bars (even larger still since we can't know one's average spell damage or attack power directly like we can with crit chances).
To be entirely truthful, though, the only power this has is in how WWS hands you

on a silver platter. I'm certain that this
can be useful, but I'm unsure quite how useful it will turn out to be. In short, I suppose it depends largely on whether it makes sense to use WWS as an estimate of average parameters, given the variance inherent to those estimates.