You can set the text inside a regular \parbox:

\documentclass{article}
\newcommand{\textbox}[3][c]{\parbox[#1]{#2}{\strut#3\strut}}
\begin{document}
\begin{equation}
\left\{\textbox{2cm}{Here is some regular text}\right\} =
\left\{\textbox{2cm}{Here is some more regular text}\right\} +
\left\{\textbox{3cm}{This is the last piece of text in the equation}\right\} \label{eqn:myeqn}
\end{equation}
See~(\ref{eqn:myeqn}).
\end{document}
\parbox[<valign>]{<width>}{<stuff>} sets <stuff> in a paragraph box of width <width> and aligned vertically according to <valign> (top, centered or bottom). The use of \struts at the start/end tries to rectify the spacing problem associated with boxing. As reference, see How to keep a constant \baselineskip when using minipages (or \parboxes)?.
The idea behind using a macro called \textbox is an attempt to promote typesetting consistency.