Rapid urbanization has led to increasingly prominent urban heat island phenomena and social inequality. It is urgent to quantify the threshold area of urban parks from multiple perspectives to maximize the cooling effect and improve the equity of park cooling services. Using 33 urban parks in Harbin City as research objects, four indices, i.e., park cooling intensity (PCI), park cooling distance (PCD), park cooling area (PCA), and park cooling efficiency (PCE), were used to explore the park cooling effect and the threshold value of efficiency (TVoE) of the size. The OD (origin–destination) matrix model was constructed to assess the spatial accessibility from the community to the cooling range. The Gini coefficient was used to assess the equity of cooling range accessibility. The relative contribution of each influencing factor to the cooling indicator was quantified through regression modeling. The results showed that the average PCI was 3.27 ℃, the average PCD was 277 m, the average PCA was 115.35 ha, and the average PCE was 5.74. Gray space area was the dominant factor for PCI, PCD, and PCA (relative contributions of 100%, 31%, and 19%, respectively). Park area was the dominant factor for PCE (relative contribution of 28%). The TVoE of park sizes based on PCA and PCE were calculated as 82.37 ha and 2.56 ha, respectively. 39.2% and 94.01% of communities can reach cooling ranges within 15 min in walk mode and transit mode, respectively. Approximately 18% of neighborhood residents are experiencing severe inequities in cooling range accessibility. This study can guide park design that maximizes cooling effects, as well as inform city planners on more equitable allocation of urban park resources.