This question is less open-ended than you might think.
The Question:
For $g,h\in{\rm SL}(2,q)\setminus\{\pm I\}$ with ${\rm tr}(g)={\rm tr}(h)$, how does $h$, when ${\rm SL}(2,q)$-conjugated, relate to $g^{\pm 1}?$
Context:
According to a preprint:
[I]f $g,h\in \operatorname{SL}(2,\Bbb R)\setminus \{\pm I\}$ and $\operatorname{tr}(g)=\operatorname{tr}(h)$ then $h$ is $\operatorname{SL}(2,\Bbb R)$-conjugate to $g^{\pm 1}$, while if $g,h\in\operatorname{SL}(2,\Bbb C)\setminus\{\pm I\}$ and $\operatorname{tr}(g)=\operatorname{tr}(h)$ then $h$ is $\operatorname{SL}(2,\Bbb C)$-conjugate to $g$.
Thoughts:
My guess is there's some function $\varphi: \{(h,g)\}\to\operatorname{SL}(2,q)$ or maybe $\psi:\{(h,g)\}\to \Bbb Z$ such that
$$k_{h,g}hk_{h,g}^{-1}=\varphi(h,g)\tag{1}$$
or
$$l_{h,g}hl_{h,g}^{-1}=g^{\psi(h,g)},\tag{2}$$
where $k_{h,g}, l_{h,g}\in\operatorname{SL}(2,q)$.
I think $(1)$ says nothing, now that I think about it, but I'll leave it here to articulate what I mean exactly.
Something like $(2)$ seems likely.
For copy-and-paste convenience for anyone who would like to answer (and to show more work/effort):
Let $A=\begin{pmatrix} a & b \\ c & d\end{pmatrix}$ and $X=\begin{pmatrix} x & y \\ z & t\end{pmatrix}$ be in $\operatorname{SL}(2,q)$. Then
$$\begin{align} AXA^{-1}&=\begin{pmatrix} a & b \\ c & d\end{pmatrix}\begin{pmatrix} x & y \\ z & t\end{pmatrix}\begin{pmatrix} d & -b \\ -c & a\end{pmatrix}\\ &=\begin{pmatrix} dax+dbz-cay-cbt & -bax-b^2z+a^2y+abt \\ dcx+d^2z-c^2y-cdt & -bcx-bdz+acy+adt\end{pmatrix} \end{align}$$