This is a proof found on Euclidean and Non-Euclidean Geometries/Development and History, by Marvin Jane Greenberg W. H. Freeman; 4th edition (September 28, 2007), page 174.
It makes use of axioms and theorems that are part of Hilbert's "rework"-if the term is applicable-of Euclidean geometry. I will only provide their statements. For a more comprehensive treatment of the subject I strongly suggest reading the book.
Since detaching a proof from a book can be like cutting part of a painting-we lose the context and the "flow" of the text-I tried to adapt it a bit to make it smoother, reconstructed the figure and changed some symbols, but the arguments are all here.
There is also a good explanatory section on the Playfair's postulate article of Wikipedia about this equivalence.
We will use Reductio ad Absurdum. First, we assume the Playfair's postulate holds ($\Leftarrow$). The situation of the Corresponding Angle Postulate (Euclid V), is shown in the Figure below.

By hypothesis we have: $\hat x+\hat y\lt 180^{\text o}$ and $\hat x+\hat z= 180^{\text o}$ (supplementary angles).
Hence, $\hat y\lt 180^{\text o}-\hat x=\hat z$.
There is a unique ray $\vec {B'C'}$ such that $\hat z$ and $\hat {C'B'B}$ are congruent interior angles due to axiom C-4.
By Theorem $4.1$, $\overleftrightarrow {B'C'}$ is parallel to $l$. Since $m\neq\overleftrightarrow {B'C'},m$ meets $l$ by Playfair's postulate.
To conclude, we must prove that $m$ meets $l$ on the same side of $t$ as $C'$.
Assume, on the contrary, that they meet at a point $A$ on the opposite side.
Then $\bar y$ is an exterior angle of $\triangle ABB'$. Yet it is smaller than the remote interior angle $\hat z$. This contradiction of Theorem 4.2 proves the Corresponding Angle Postulate (Euclid V).
Now for the opposite $(\Rightarrow)$ direction.
Conversely, we assume that the Corresponding Angle Postulate (Euclid V) holds, and refer to the Figure below for Playfair's postulate.

Let $t$ be the perpendicular to $l$, through $P$, and $m$ the perpendicular to t through P.
We know that $m||l$ from the Corollary to 4.1.
Let $n$ be any other line through $P$. We must show that $n$ meets $l$.
Let $\hat x$ be the acute angle $n$ makes with $t$ (which angle exists because $n\neq m$).
Then we have $\hat x +\hat{PQR}\lt 90^{\text o}+90^{\text o}=180^{\text o}.$
Thus the hypothesis of the Corresponding Angle Postulate (Euclid V) is satisfied.
Hence $n$ meets $l$, proving Playfair's postulate.
We made use of these:
Theorem 4.1
In any Hilbert plane, if two lines cut by a transversal have a pair of congruent alternate interior angles with respect to that transversal, then the two lines are parallel.
Corollary to 4.1
Two lines perpendicular to the same line are parallel.
Theorem 4.2.
In any Hilbert plane, an exterior angle of a triangle is greater than either remote interior angle.