In an era where STEM expertise is desperately needed to help solve critical world challenges, ensuring the success of students in STEM, particularly those who have been historically marginalized, underserved, and/or excluded, has never been more pressing. In response to this challenge, the authors, informed by the work of the National Academies for Sciences, Engineering, and Medicine (NASEM) Roundtable on Systemic Change in Undergraduate STEM Education (NASEM, n.d.), offer key guidance for educators from 2-year and 4-year colleges and universities who want to better assess equitable student success in STEM. While the authors have focused on STEM in this article, this guidance can be applied to all disciplines, academic programs, and institution-wide efforts. The authors provide four reflective questions and eight measurable indicators to help guide the development and refinement of how equity is being measured. The questions serve as a compass for institutions seeking to better support their STEM Indicators and evidence are provided for each question drawn from NASEM's Indicators for Monitoring Undergraduate STEM Education (NASEM, 2018). The goal is to offer a concise, targeted resource that fuels data-informed conversations within the academic program, department, college, or university regarding STEM student support.