well pound for pound, it has a chance to be equal. Kind of like how in boxing/fighting worlds you here guys say someone is pound for pound the best fighter, but if you put him into the ring with someone who had a 25 lb LBM advantage on him, odd's are he will lose due to size/strength. Why we have weight classes.
I would clearly say your stronger, in the sense of the word. Your pulling more weight, which requires more fibers and mass.
If A guy who was a solid shredded 300 pounds of muscle and he was training properly, he should be able to do a good amount of pull ups. Yes he weighs a monstrous amount of weight, but his muscles should be conditioned to lift that kind of weight due to his training.
Whether he can do more then say your friend who is light years lighter, I wouldnt know for sure. I dont know how athletic your friend is, how genetically gifted he is. Or his body type, arm length etc...
I really think that with a lot of exercises body mechanics comes into play, why some guys are better at bench, squat, deadlifts etc etc...
LBM vs Body fat will play a role, as in the less unnecessary weight your carrying with you, the easier it will be to perform a rep.
IMO the guy who is lifting more weight is the stronger one overall. But as far as strength having a correlation to body weight, Its true to a degree but it depends on a lot of other things.
Your friend may be able to do 20 pull ups at his body weight, and the 300 pound guy may only be able to do 15.
That means that pound for pound, he is stronger then the 300 pound guy in pull ups. But not necessarily everything else and like I said Bio mechanically he may be at an advantage to do pull ups more efficiently.
I think...I just woke up :P