The following example defines \itemequation that sets an \item with a simulated equation. The equation is centered in the same way as it would be done by environment equation. Also text can be added in front of the equation.
\documentclass{article}
% \itemequation[label]{text before}{equation}
\makeatletter
\newcommand*{\itemequation}[3][]{%
\item
\begingroup
\refstepcounter{equation}%
\ifx\\#1\\%
\else
\label{#1}%
\fi
\sbox0{#2}%
\sbox2{$\displaystyle#3\m@th$}%
\sbox4{\@eqnnum}%
\dimen@=.5\dimexpr\linewidth-\wd2\relax
% Warning for overlapping
\ifcase
\ifdim\wd0>\dimen@
\z@
\else
\ifdim\wd4>\dimen@
\z@
\else
\@ne
\fi
\fi
\@latex@warning{Equation is too large}%
\fi
\noindent
\rlap{\copy0}%
\rlap{\hbox to \linewidth{\hfill\copy2\hfill}}%
\hbox to \linewidth{\hfill\copy4}%
\hspace{0pt}% allow linebreak
\endgroup
\ignorespaces
}
\makeatother
\begin{document}
\begin{itemize}
\item Equation environment in next line for comparison:
\begin{equation}2+2=4\end{equation}
\itemequation[eq:second]{}{2+2=4}
\itemequation{}{2+2=4}
with text in the following line.
\itemequation{Same as eq. (\ref{eq:second}): }{2+2=4}
\end{itemize}
\end{document}

With long text before equation
The following variation centers the equation in the remaining space, if the text before the equation is too long:
\documentclass{article}
% \itemequation[label]{text before}{equation}
\makeatletter
\newcommand*{\itemequation}[3][]{%
\item
\begingroup
\refstepcounter{equation}%
\ifx\\#1\\%
\else
\label{#1}%
\fi
\sbox0{#2}%
\sbox2{$\displaystyle#3\m@th$}%
\sbox4{ \@eqnnum}%
\dimen@=.5\dimexpr\linewidth-\wd2\relax
% Warning for overlapping
\let\CenterInSpace=N%
\ifcase
\ifdim\wd0>\dimen@
\z@
\else
\ifdim\wd4>\dimen@
\z@
\else
\@ne
\fi
\fi
\let\CenterInSpace=Y%
\fi
\ifdim\dimexpr\wd0+\wd2+\wd4\relax>\linewidth
\@latex@warning{Equation is too large}%
\fi
\noindent
\rlap{\copy0}%
\ifx\CenterInSpace Y%
\rlap{\hbox to \linewidth{\kern\wd0\hss\copy2\hss\kern\wd4}}%
\else
\rlap{\hbox to \linewidth{\hfill\copy2\hfill}}%
\fi
\hbox to \linewidth{\hfill\copy4}%
\hspace{0pt}% allow linebreak
\endgroup
\ignorespaces
}
\makeatother
\begin{document}
\begin{itemize}
\item Equation environment in next line for comparison:
\begin{equation}2+2=4\end{equation}
\itemequation[eq:second]{}{2+2=4}
\itemequation{}{2+2=4}
with text in the following line.
\itemequation{Same as eq. (\ref{eq:second}): }{2+2=4}
\itemequation{A very long text before the equation: }{2+2=4}
\end{itemize}
\end{document}

\itemequation{Same as eq. (\ref{eq:second}): }{2+2=4}, push the equation to the right in case the text to the left is too long? When you put a long text, the text overlaps the equation. – Saud Jun 09 '16 at 08:47