The equation $$\frac{v_1}{v_2} = \frac{n_1}{n_2}$$ represents the relationship between the voltages and turns ratios in an ideal transformer. In this context, $v_1$ is the primary voltage, $v_2$ is the secondary voltage, $n_1$ is the number of turns in the primary coil, and $n_2$ is the number of turns in the secondary coil. This relationship illustrates how voltage levels can be transformed based on the winding ratios of the coils, which is fundamental in designing transformers for various applications.