The correspondence between cosmological models powered by a decaying vacuum energy density and gravitationally induced particle production is investigated. Although being physically different in the physics behind them we show that both classes of cosmologies under certain conditions can exhibit the same dynamic and thermodynamic behavior. Our method is applied to obtain three specific models that may be described either as Λ (t) CDM or gravitationally induced particle creation. In the point of view of particle production models, such cosmologies can be interpreted as a kind of one-component unification of the dark sector. By using current type Ia supernovae data, recent estimates of the cosmic microwave background shift parameter and baryon acoustic oscillations measurements we also perform a statistical analysis to test the observational viability within the two equivalent classes of models and we obtain the best-fit of the free parameters. By adopting the Akaike information criterion we also determine the rank of the models considered here. Finally, the particle production cosmologies (and the associated decaying Λ (t)-models) are modeled in the framework of field theory by a phenomenological scalar field model.