We introduce the notion of tracial equivalence for C * -algebras. Let A and B be two unital separable C * -algebras. If they are tracially equivalent, then there are two sequences of asymptotically multiplicative contractive completely positive linear maps φn : A → B and ψn : B → A with a tracial condition such that {φn • ψn} and {ψn • φn} are tracially approximately inner. Let A and B be two unital separable simple C * -algebras with tracial topological rank zero. It is proved that A and B are tracially equivalent if and only if A and B have order isomorphic ranges of tracial states. For the Cantor minimal systems (X 1 , σ 1 ) and (X 2 , σ 2 ), using a result of Giordano, Putnam and Skau, we show that two such dynamical systems are (topological) orbit equivalent if and only if the associated crossed products C(X 1 ) ×σ 1 Z and C(X 2 ) ×σ 2 Z are tracially equivalent.