This paper considers linear dynamical systems restricted to square integrable trajectories. Following the behavioral formalism, a number of relevant classes of linear and shift-invariant L2systems are defined. It is shown that rational functions, analytic in specific half-spaces of the complex plane, prove most useful for representing such systems. For various classes of L2 systems, this paper provides a complete characterization of system equivalence in terms of rational kernel representations of L2 systems. In addition, a complete solution is given for the problem when selected (non-manifest) variables of an L2 system can be completely eliminated from their behavior. This elimination theorem has considerable independent interest in genera...