Just put \small before the equation and \normalsize after it if you want to shrink the font, but it's usually better to use an ams multi-line equation environment than to change font size.
It's actually easier to only do the part of a size change command that affects math without changing the baseline to avoid the problems @barabara-beeton mentions. This is a \tiny (5pt) equation in a \large paragraph text, to highlight the differences, and to show that the above and below display skips are not altered.

\documentclass{article}
\showoutput
\showboxdepth3
\begin{document}
\large
hghghga hghghga hghghga hghghga hghghga hghghga hghghga
hghghga hghghga hghghga hghghga hghghga hghghga hghghga
$$abc+xyz=44$$
bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb
bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb
hghghga hghghga hghghga hghghga hghghga hghghga hghghga
hghghga hghghga hghghga hghghga hghghga hghghga hghghga
\begingroup\makeatletter\def\f@size{5}\check@mathfonts
$$abc+xyz=44$$\endgroup
bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb
bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb
\end{document}
with AMS align this would produce:

\documentclass{article}
\usepackage{amsmath}
\showoutput
\showboxdepth3
\begin{document}
\large
hghghga hghghga hghghga hghghga hghghga hghghga hghghga
hghghga hghghga hghghga hghghga hghghga hghghga hghghga
\begin{align}
abc&+xyz&&=44\\
x&-y&&=2\\
a&+b&&=77
\end{align}
bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb
bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb
hghghga hghghga hghghga hghghga hghghga hghghga hghghga
hghghga hghghga hghghga hghghga hghghga hghghga hghghga
\begingroup\makeatletter\def\f@size{5}\check@mathfonts
\def\maketag@@@#1{\hbox{\m@th\large\normalfont#1}}%
\begin{align}
abc&+xyz&&=44\\
x&-y&&=2\\
a&+b&&=77
\end{align}\endgroup
bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb
bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb bbbbbb
\end{document}
\scriptstyleand\scriptscriptstylework? – azetina Jun 19 '12 at 20:31\scaleboxand shrink as much as necessary. rewriting as much as possible would be advisable first. – barbara beeton Jun 19 '12 at 20:38