Here's your simple pseudocode:

Code:
int i;

if (myPoly1.numTerms != myPoly2.numTerms)
   return false;

for (i = 0; i < myPoly1.numTerms; i++)
   {
      if (myPoly1[i].coefficient != myPoly2[i].coefficient ||
          myPoly1[i].power != myPoly2[i].power)
         return false;
   }

return true;
No error checking for one polynomial running out before the other, of course. The above would be massaged slightly depending on whether the Poly structure/classes were fully populated sparse descriptions or included only non-zero coefficient terms.