An equal amount of milk can replace an amount of evaporated milk, but the resulting product will not be as rich or creamy. Adding a quarter to a third of a cup of dry milk powder along with the regular milk would improve the substitution.
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You have not said what size your 'parts' are. Therefore any amount of cups could theoretically be 2 parts water and 1 part milk.
Evaporated milk is reduced by half. So add 2 cups of water to 2 cups of evaporated milk.