An equivalent range equation with a monostatic equivalent component and a bistatic synthetic aperture radar (BiSAR) compensation component was proposed. There were five monostatic equivalent parameters (MEPs) in the both components. With the MEPs, a BiSAR range equation can be expressed in a form similar to the monostatic SAR (MoSAR) expression. Then, by using the range equation and the principle of stationary phase (POSP), we analytically derive the 2-D spectrum of a point target, and this 2-D spectrum is implemented into the range Doppler algorithm (RDA) that processes the translational invariant (TI) BiSAR data. In our RDA, spatially variant range cell migration (RCM) correction and azimuth compression (AC), both of which are related to the spatially variant MEPs, are required to focus all targets in the whole scene of different range cells. Simulations under a wide range of imaging parameters are conducted to assess the equivalent range equation and the 2-D spectrums. Satisfactory results are obtained. In addition, traditional methods for motion compensation can be directly applied to our equivalent range equation. Finally, the RDA is evaluated through the analysis of acquired raw BiSAR data. Well-focused images are obtained. Therefore, the proposed equivalent range equation, derived 2-D spectrum, and RDA have been validated for forming imagery using raw BiSAR data.