It is well known that exact notions of model abstraction and reduction for dynamical systems may not be robust enough in practice because they are highly sensitive to the specific choice of parameters. In this paper we consider this problem for nonlinear ordinary differential equations (ODEs) with polynomial derivatives. We introduce approximate differential equivalence as a more permissive variant of a recently developed exact counterpart, allowing ODE variables to be related even when they are governed by nearby derivatives. We develop algorithms to (i) compute the largest approximate differential equivalence; (ii) construct an approximate quotient model from the original one via an appropriate parameter perturbation; and (iii) provide a ...