A system, method and computer program product are provided for determining equivalence of netlists utilizing at least one transformation. In use, a netlist including a plurality of infinite portions and a plurality of finite portions is identified. Additionally, at least some of the finite portions are transformed, utilizing at least one predetermined transformation. Further, an equivalence of the netlist and another netlist is determined, utilizing at least a subset of the finite portions and the infinite portions. Moreover, the transformation identifies a word-level functionality of the at least some of the finite portions by converting bit-level functionality into word-level functionality.