Yes, of course there is an equivalent.
In Spain the two fingers (showing the two fingers to a person) is not an insult and the logical meaning of the V sign for a Spaniard will be 'Victory' or number 2.
The equivalent in Spain is the sign of the 'horns': to do this you should raise your index and your pinky fingers and lower your middle and ring fingers.
This symbol in wide used by Heavy Metal fans worldwide but in Spain it means that you are a 'cornudo' or a 'cabron', meaning that you have horns and your spouse is unfaithful to you, used as an insult form.