The windows 8 equivalent is File History, below is a very good article on what it is and how to set it up:
File History is a backup application that continuously protects your
personal files stored in Libraries, Desktop, Favorites, and Contacts
folders. It periodically (by default every hour) scans the file system
for changes and copies changed files to another location. Every time
any of your personal files has changed, its copy will be stored on a
dedicated, external storage device selected by you. Over time, File
History builds a complete history of changes made to any personal
It’s a feature introduced in Windows 8 that offers a new way to
protect files for consumers. It supersedes the existing Windows Backup
and Restore features of Windows 7.
What happens when you upgrade to Windows 8 from Windows 7?
7 Backup was active, i.e. it was scheduled and the schedule was
active, then it will continue running as scheduled after the upgrade.
File History will be disabled by default and users will not be able to
turn it on as long as the Windows 7 Backup schedule is active. To turn
it you will have to first disable the Windows 7 Backup schedule.
Can Windows 7 users use File History?
Windows 7 users cannot use File
History. However, they can restore files from a drive used by File
History by browsing the volume in the Windows Explorer and selecting a
specific file. Files on the File History drive are stored in the same
relative location, and use the same name. The specific version can be
identified by the time stamp appended to the file name.
Does File History protect the operating system and applications?
History only protects user libraries, desktop, favorites and contacts.
Other files, such as operating system files, applications, and
settings, are not backed up.
Can File History be used with cloud storage?
No. File History is
designed specifically for consumers and does not support cloud storage
in this release. Windows 8 Server offers a backup feature that can
back up files to a cloud. This feature is available on the Server
version of Windows and is designed for small and medium businesses.
Can File History be used by enterprise customers?
enterprise customers should be aware that File History may not comply
with their company security, access, and retention policies. For that
reason, we offer a group policy setting that allows enterprise
administrators to disable the feature for an entire organization.
Will File History protect files stored on a file share?
History only protects file stored on a local drive.
If you use offline folders and folder redirection, your folders (like
My Documents or My Pictures) are redirected to a network share and
will not be protected. If you add a network location to any of your
libraries, this location will not be protected.