Frii's equation models free space path loss and predicts the amount of power (Pr) that can be received by an antenna at a distance D from the transmitting antenna. The equation is: Pr = Pt * Gt * Gr * λ2 / (4πD)2 * L Where Pt is the transmitted power, Gt and Gr are the gains of the transmitting and receiving antennas, λ is the wavelength, D is the distance between antennas, and L accounts for transmission losses. According to the model, received power decays quadratically with distance, and factors like antenna gain and wavelength affect reception levels.