Step 1: The area of the circle is \( \pi r^2 \).
Let the side of the square be \( s \), then the area of the square is \( s^2 \).
Step 2: Given that the areas of the circle and the square are equal:
\[
\pi r^2 = s^2
\]
Step 3: The perimeter of the circle is \( 2\pi r \) and the perimeter of the square is \( 4s \).
Step 4: From \( \pi r^2 = s^2 \), we get \( s = \sqrt{\pi}r \).
Step 5: The ratio of the perimeters is:
\[
\frac{2\pi r}{4\sqrt{\pi} r} = \frac{\sqrt{\pi}}{2}
\]
Thus, the correct answer is \( \boxed{\frac{\sqrt{\pi}}{2}} \).