Let's take a group of rotations of a cube.
There are 24 elements in this group, let's take a look at these two:
- A: rotate cube 90 degrees clockwise around x axes
- B: rotate cube 90 degrees clockwise around z axes
These two elements are obviously different, but they look somewhat similar. A person looking at our cube from different direction can even be confused by these descriptions. But for example element "C: rotate cube 120 degrees around this diagonal" is very different from A and from B.
Elements A and B are conjugated - that means $A = x * B * x^{-1}$, and this conjugation operation is actually "let's take a look at our group from another direction, $x$ defines this another direction".
If we have two persons looking at our cube from different directions, than it may happen that the first person takes our description of element A, second person takes our description of element B, but they would correspond to the same actual rotation of the cube.
Conjugated elements are somewhat indistinguishable, that's why there is equivalence relation between them.
UPDATE:
Actually it's an answer to a question from comment about how $x$ and "looking from another direction" are related.
Let's get back to the example with rotations of cube. Imagine, that you sit at the table, the cube is in front of you. Your friend sits at the same table, looks at the same cube from the right. So, the face of the cube which is "right" for you is "front" for him.
He describes one of the rotations of cube: "A: rotate cube 90 degrees clockwise around the axis which goes from left face to right face".
You want to find out what is the description of this rotation in your frame of reference. One way for you to do it would be to:
- move yourself right, to the seat that your friend occupied
- make the rotation A as described
- move back to your original seat
- look at the current orientation of the cube and describe the rotation which moves the cube from original to current state.
But instead of moving yourself around the cube you can move the cube! So, the steps would be:
- rotate cube around vertical axes 90 degrees counterclockwise
- make the rotation A as described
- rotate cube around vertical axes 90 degrees clockwise
So, in your frame of reference the rotation will be a product of these three rotaions:$$A_c = x * A * x^{-1}$$ where $x$ is "rotate cube around vertical axes 90 degrees clockwise".
(remember that $x * A * x^{-1}$ corresponds to (step 3) * (step 2) * (step 1) )