The cell potential equation is a mathematical expression used to calculate the electromotive force (EMF) of an electrochemical cell, which is determined by the standard reduction potentials of the half-reactions involved. This equation connects the concentrations of the reactants and products with the overall voltage generated by the cell, thus playing a crucial role in understanding how electrochemical cells operate and how their efficiency can be analyzed. It helps predict the spontaneity of reactions and provides insights into redox processes.