Given what we do know about various locales, I would infer that the part of Equestria that contains Ponyville, Canterlot, and Cloudsdale are in an area of land similar to the Central Valley in California. I have come to this conclusion based on the contrast of other nearby locales such as Dodge Junction from "The Last Roundup" and Appleloosa from "Over a Barrel".
Ponyville appears to be situated in a lush, fertile valley with various streams and estuaries making it an ideal place for the earth ponies to work the land, as the Apple family does in Sweet Apple Acres. We know that there is a mountain range in the distance, upon which Canterlot is located. Dodge Junction is supposed to be the first stop after Canterlot, as mentioned in "The Last Roundup", and the scenery there is straight out of the wild west with geography similar to what you may find in the Great Basin, which is coincidentally situated east of the Sierra Nevada mountain range. We can only assume that Appleloosa is in the same direction.
Also, in "Dragon Quest", Spike and friends journey through woods and over mountains to reach a volcano crater that is home to the dragons. This is very similar to the geography in the Sierra Nevada mountain range, which does indeed have a few active volcanoes in it. Based on this, I would say that there is likely a bay that reaches into Ponyville Valley similar to San Francisco Bay, and it would be somewhere west of Ponyville.
The only thing that throws me off are the names of the cities that are apparently nearby, which follow after names of East Coast cities. We know from "The Cutie Mark Chronicles" that a rainbow over Ponyville can be clearly seen from Manehattan, and one would be lead to believe that Fillydelphia is nearby since it mentioned twice in the show.
That is just my conjecture, anyways. It is a world of magic, though, so anything is possible.
A picture of California, so you can visualize it (from Wikipedia):