Please setup an attribute on each piece of EQ to make it possible for the player to mark a few primary stats on the piece and have the formula compare each drop's like stats to your current pieces primary stats. If, say, 50% of the marked stats are >= your piece then mark it green.
Also, you might even make the formula user configurable. That is, allow the player to setup the percentage of equality. That way, a player can be notified of items within 80%/90% etc of their current items.
I'm sure this can be improved upon, but I think this could be a step in the right direction for fixing the better EQ indicator.