This systematic review identified 29 studies that had used socioeconomic position (SEP) in cost‐effectiveness analyses of public health interventions. Studies were evaluated based on their specific inputs in regard to socioeconomic position and how they quantified health and financial inequalities. The study researchers specifically sought to assess current approaches to inclusion of equity in economic analysis of public health interventions and to recommend best approaches and future directions. The majority of studies comparing ≥2 interventions left interpretation of the size of the health and financial inequality differences to the reader. Newer approaches include: i) use of health inequality measures to quantify health inequalities; ii) inclusion of financial impacts, such as out‐of‐pocket expenditures; and iii) use of equity weights.