The hydrostatic pressure equation describes the pressure variation within a fluid at rest due to the weight of the fluid above it. It states that the pressure at a certain depth in a fluid is directly proportional to the density of the fluid, the acceleration due to gravity, and the height of the fluid column above that point, mathematically represented as $$P = \rho g h$$. This relationship is fundamental in understanding fluid statics and helps predict how fluids behave under different conditions.