I'm not sure what you mean by "derive them." The equation arcsin(1/x) = arctan(x) is not an identity (an equation that's always true); it is a conditional equation, one that is true only for certain values of x.
Let \alpha = arcsin(1/x), and let \beta = arctan(x). From these equations, you should see that sin(\alpha) = 1/x and tan(\beta = x.
Now, draw two right triangles, with the legs and hypotenuses labelled according to the last two equations above. Since \alpha = \beta, the two triangles must be similar (but not necessarily congruent), which means that their corresponding sides must be proportional. From this relationship, you can get an equation that involves only terms with x. Solve this equation and you should get the value for x that you showed.