I use this phrase myself (most recently in this answer on Astronomy SE). The key equation to know is
$$ds^2 = -dt^2 + dx^2 + dy^2 + dz^2$$
This equation comes from special relativity and describes flat spacetime (so-called Minkowski space). You don't need to know what it represents; it's good enough to know that $t$ is time, and $x, y, z$ are the three spatial dimensions.
Note you can add time and space. This is a sign they are on equal footing.
To illustrate two physics concepts that are not on equal footing, consider energy $E$ and electric current $I$. The former is measured in $J$ (joules), while the latter is measured in $A$ (amperes). These two units are different, which makes any expression like $E + I$ meaningless. This shows they are not on equal footing.
You might point out that time and space are measured in different units, seconds ($s$) and meters ($m$) respectively, but in relativity, both these units measure the same thing, and you can convert from one to the other using the speed of light. Hence relativity puts time and space on equal footing. Time and space are indeed not on equal footing in Newtonian mechanics.