Range.IsEqual (Word)

True if the range to which this method is applied is equal to the range specified by the Range argument.

This method compares the starting and ending character positions and the story type. If all three of these items are the same for both objects, the objects are equal.

IsEqual (Range)

Range: The range to compare with the Range object defined by expression.

Set Range1 = Selection.Words(1) 
Set Range2 = ActiveDocument.Words(3) 
If Range1.IsEqual(Range:=Range2) = True Then 
 Range1.Delete 
End If