You should not be using \left...\right construct for things spanning over one line but fixed sized delimiters as \Biggl...\Biggr.
I've also corrected some errors and removed some more unneeded \left...\right.
\documentclass{article}
\usepackage{amsmath}
\begin{document}
\begin{equation}\label{testequation}
\begin{split}
d_{m}^{\sim \phi}\left(A,f\right) = \Biggl( \mid 1-Y(R)\mid^{5} -\mid -f(M)\mid^{9} \\
+\sum_{i=1;i\neq p_{i}}^{\text{length}(H)} \mid I(i)-f(i)\mid^{m}\Biggr)^{1/m}
\end{split}
\end{equation}
\end{document}

Further improvements can be made. BTW: probably the equation fits in one line, why using split?
EDIT
An improved version that fits in one line and uses \mathclap (mathtools package) to reduce the spacing around \sum
\documentclass{article}
\usepackage{mathtools}
\begin{document}
\begin{equation}\label{testequation}
d_{m}^{\sim \phi}\left(A,f\right) = \Biggl(\lvert 1-Y(R)\rvert^{5} -\lvert -f(M)\rvert^{9}
+\;\;\sum_{\mathclap{i=1;i\neq p_{i}}}^{\mathclap{\text{length}(H)}}\;\; \lvert I(i)-f(i)\rvert^{m}\Biggr)^{1/m}
\end{equation}
\end{document}

\left...\rightpairs may not be broken accross lines or alignment points - they produce an error message in the log file which should not be ignored. – Andrew Swann Dec 15 '13 at 17:01