It is not necessarily universal. For example, if $f$ is a split epimorphism, with $s$ a section, then $f,f$ is a reflexive pair, but unless $f$ and $s$ are isomorphisms, $s$ is not the equalizer of $f$ and $f$, since the equalizer of two equal maps is just the identity.
There is however one notable case where $s$ is the equalizer of $f$ and $g$ : when $f$ and $g$ are jointly monic, so that they form a reflexive _relation_. Then if $f\circ t=g\circ t$, one can show that $t=s\circ f\circ t$. Indeed, it suffices, since $f$ and $g$ are jointly monic, to check that $$f\circ s\circ f\circ t=f\circ t$$ and $$g\circ s\circ f \circ t=f\circ t=g\circ t.$$ Moreover, such a factorisation is clearly unique, since $s$ is a (split) monomorphism.