To develop an equity-centered orientation in teacher education programs, it is essential teacher educators recognize what prospective teachers attend to in classroom events and how they relate these events to mathematics instruction. In this study, we conceptualize the Equity Noticing Framework and use it as an analytic tool to examine what prospective teachers notice in a classroom vignette focused on cultural and racial biases. The Equity Noticing Framework focuses on understanding what prospective teachers recognize--or overlook--as bias, oppression, and privilege that permeate educational systems, analyze those events that contribute to inequities, and support prospective teachers in becoming change agents who implement strategies that can eradicate systemic barriers. The results from this study reinforce the importance of devoting time to supporting prospective teachers to become more cognizant of their own beliefs about equity and equitable mathematical practices and providing opportunities to analyze these beliefs through research-proven attitudes and practices.