In this paper, we study bearing equivalence in directed graphs. We first give a strengthened definition of bearing equivalence based on the \textit{kernel equivalence} relationship between bearing rigidity matrix and bearing Laplacian matrix. We then present several conditions to characterize bearing equivalence for both directed acyclic and cyclic graphs. These conditions involve the spectrum and null space of the associated bearing Laplacian matrix for a directed bearing formation. For directed acyclic graphs, all eigenvalues of the associated bearing Laplacian are real and nonnegative, while for directed graphs containing cycles, the bearing Laplacian can have eigenvalues with negative real parts. Several examples of bearing equivalent and bearing non-equivalent formations are given to illustrate these conditions.