To calculate air resistance in a simulation of free-falling objects, the Drag Equation is typically used to determine the drag force acting on the object. This equation accounts for factors like the object's velocity and surface area, with drag force generally varying with the square of the velocity. The discussion highlights that there is no universal drag equation, as different scenarios may require specific adjustments. Additionally, data on wind resistance for various surfaces, such as boats and buildings, can provide useful insights for more accurate calculations. Understanding these principles is essential for effectively simulating air resistance in free-fall scenarios.