Is (a+b)* and (ab)* same in finite automata?
The regular expressions $(a+b)^*$ and $(ab)^*$ represent languages according to the semantics of regular expressions. Formally, the language $L[r]$ corresponding to a regular expression $r$ is defined as follows:

$L[\emptyset] = \emptyset$.
$L[\epsilon] = \epsilon$.
$L[\sigma] = \sigma$ for $\sigma \in \Sigma$.
$L[r_1+r_2] = L[r_1] \cup L[r_2]$.
$L[r_1r_2] = L[r_1] L[r_2]$, where $L_1 L_2 = \{ w_1w_2 : w_1 \in L_1, w_2 \in L_2 \}$.
$L[r^*] = L[r]^*$, where $L^* = \bigcup_{n \geq 0} L^n$, and $L^n$ is defined recursively by $L^0 = \{\epsilon\}$ and $L^{n+1} = L^n L$.

Two languages over the same alphabet are equal if they are equal as sets, that is, if they contain the same words. In your case, you haven't specified the underlying alphabet $\Sigma$, so I'm assuming that $\Sigma = \{a,b\}$.
Now that you have all the definitions, you can check for yourself whether $L[(a+b)^*]$ equals $L[(ab)^*]$.