The correct answer is $\pi D^{2/3} = 4b^{2/3}$.
Hydraulically equivalent sewers have the same discharge capacity. The discharge capacity of a sewer is given by the Manning equation:
$$Q = \frac{1}{n} \frac{A}{R^2} S$$
where $Q$ is the discharge, $n$ is the Manning roughness coefficient, $A$ is the cross-sectional area, $R$ is the hydraulic radius, and $S$ is the slope of the sewer.
For a circular sewer, the cross-sectional area is $A = \pi D^2/4$ and the hydraulic radius is $R = D/2$. For a square sewer, the cross-sectional area is $A = b^2$ and the hydraulic radius is $R = b/2$.
Substituting these expressions into the Manning equation, we get:
$$Q = \frac{1}{n} \frac{\pi D^2/4}{(D/2)^2} S = \frac{2}{n} \pi D^2 S$$
and
$$Q = \frac{1}{n} \frac{b^2}{(b/2)^2} S = 2n b^2 S$$
Equating these two expressions, we get:
$$\frac{2}{n} \pi D^2 S = 2n b^2 S$$
or
$$\pi D^2 = 4nb^2$$
or
$$\pi D^{2/3} = 4b^{2/3}$$
Therefore, the relationship which holds good is $\pi D^{2/3} = 4b^{2/3}$.