The discriminant of the quadratic equation $ax^2 + bx + 1 = 0$ is:
\[
\Delta = b^2 - 4ac
\]
For real roots, the discriminant must be non-negative, i.e., $\Delta \geq 0$. Here $a$ and $b$ belong to $\{1, 2, 3, 4\}$, so we check the discriminant for each pair of $a$ and $b$.
The discriminant for each combination of $a$ and $b$ is calculated, and we find that there are 6 combinations where the discriminant is non-negative.
Thus, the number of equations with real roots is 6.