I think you've just illustrated the key point. The difference in effect is huge due to, as somebody has already pointed out, running being an impact sport and cycling not. Therefore it seems to me that the the sensible thing to compare is energy burned.
So is there some equation where, having worked out the energy needed to shift, say a 10 stone body for 10 miles at 7.5 minute miles (I'm guessing that that might be an average speed for the not superfit), you can say that to use up the same kind of energy moving a 10 stone body on a bike on the flat you need to do X miles at an average, say, 15 mph?