The equipment energy efficiency improvement policy (EEEIP) is one of the important measures of energy conservation and emission reduction in various countries. However, due to the simultaneous implementation of variety policies, the effect of the single policy cannot be clearly reflected. In this paper, a method of identification and evaluation of EEEIP was proposed, and the application was verified by analyzing the example of EEEIP in Japan (Top Runner policy, TRP). Firstly, through the factor decomposition model, this paper studied the energy conservation and emission reduction potential of this policy area in Japan. Then, the TRP was identified by using moving windows and correlation analysis, and the impact of specific equipment in TRP was analyzed. Finally, through the calculation of the rebound effect of the carbon footprint (REC), this paper analyzed the energy consumption and emission reduction effects of TRP in the short-term and whole life cycle. It showed that the policy has a good effect in tertiary industry and transportation, while the effect in residential is poor. For life cycle, the TRP of air conditioning and passenger car can bring better CO2 emission reduction effect, but the emission reduction effect of lighting is basically offset.