High-level synthesis (HLS) technique translates the behaviors written in high-level languages like C/C++ into register transfer level (RTL) design. Due to its complexity, proving the correctness of an HLS tool is prohibitively expensive. Translation validation is the process of proving that the target code is a correct translation of the source program being compiled. The path-based equivalence checking (PBEC) method is a widely used translation validation method for verification of the scheduling phase of HLS. The existing PBEC methods cannot handle significant control structure modification that occurs in the efficient scheduling of conditional behaviors. Hence, they produce a false-negative result. In this article, we identify some scenarios involving path merge/split where the state-of-the-art PBEC approaches fail to show the equivalence even though behaviors are equivalent. We propose a value propagation-based PBEC method along with a new cutpoint selection scheme to overcome this limitation. Our method can also handle the scenario where adjacent conditional blocks (CBs) having an equivalent conditional expression are combined into one CB. Experimental results demonstrate the usefulness of our method over the existing methods.