They have different types.
"Equal" and "identical" take as input two elements of a set and return a truth value. They both mean the same thing, which is what you think they'd mean. For example, we can consider the set $\{ 1, 2, 3, \dots \}$ of natural numbers, and then $1 = 1$ is true, $1 = 2$ is false, and so forth.
"Equivalent" takes as input two elements of a set together with an equivalence relation and returns a truth value corresponding to the equivalence relation. For example, we can consider the set $\{ 1, 2, 3, \dots \}$ of natural numbers together with the equivalence relation "has the same remainder upon division by $2$," and then $1 \equiv 3$ is true, $1 \equiv 4$ is false, and so forth. The crucial point here is that an equivalence relation is extra structure on a set. It doesn't make sense to ask whether $1$ is equivalent to $3$ without specifying what equivalence relation you're talking about.
"Isomorphic" takes as input two objects in a category and returns a truth value corresponding to whether an isomorphism between the two objects exists. For example, we can consider the category of sets and functions, and then the set $\{ 1, 2 \}$ and the set $\{ 3, 4 \}$ are isomorphic because the map $1 \to 3, 2 \to 4$ is an isomorphism between them. The crucial point here is, again, a category structure is extra structure on a set (of objects). It doesn't make sense to ask whether two objects are isomorphic without specifying what category structure you're talking about.
Here is a terrible place where this distinction matters. In ZF set theory, in addition to being able to ask whether two sets are isomorphic (which means that they are in bijection with each other), it is also a meaningful question to ask whether two sets are equal. The former involves the structure of the category of sets while the latter involves the "set" of sets (not really a set, but that isn't the problem here). For example, $\{ 1, 2 \}$ and $\{ 3, 4 \}$ are particular sets in ZFC which are not the same set (because they don't contain the same elements; that's what it means for two sets in ZFC to be equal) even though they are in bijection with each other. This distinction can trip up the unwary if they aren't careful.
(My personal conviction is that you should never be allowed to ask the question of whether two bare sets are equal in the first place. It is basically never the question you actually want to ask.)