NMAC WHEN 2 SMA TRAINING ACFT ARE ON FINAL APCH AT THE SAME TIME.

Narrative

2 MI FROM ARPT ON THE 45; WE RPTED OUR POS TO THE TWR AND WERE CLRED TO LAND; #2 BEHIND AN ACFT THAT WAS DOWNWIND/BASE (WAY AHEAD/NO FACTOR). JUST BEFORE WE TURNED DOWNWIND FROM THE 45; ANOTHER ACFT WAS TOLD TO FOLLOW US AND RPTED US IN SIGHT. ON ROLLING OUT FROM TURN TO FINAL; MY STUDENT POINTED OUT AN ACFT BELOW US; SLIGHTLY TO THE L -- NOT IN MY SIGHT WITHOUT MANEUVERING ACFT. IT WAS ANOTHER HIGH WING SMA; APPROX 300 FT BELOW US. I INITIALLY THOUGHT IT MIGHT BE GOING TO LAND ON THE PARALLEL RWY AND MAINTAINED MY ALT; BUT IT CONTINUED STRAIGHT. THE CTLR TOLD THE OTHER AIRPLANE TO MAKE A R 360 DEG ON FINAL AND US TO LAND. I BELIEVE THAT THE OTHER AIRPLANE WAS THE ONE THAT WAS 'FOLLOWING' US. I SHOULD HAVE BEEN PAYING MORE ATTN TO THE OTHER TFC IN THE AREA AND SEEN THIS AIRPLANE SOONER. THE CTLR MIGHT ALSO HAVE NOTICED THIS SOONER -- ALTHOUGH HIS PERSPECTIVE MAY HAVE MADE THIS DIFFICULT. IF THE OTHER ACFT WAS IN FACT SUPPOSED TO BE FOLLOWING US; IT SHOULD HAVE KEPT US IN SIGHT AND ALLOWED PROPER SPACING. I ALSO WONDER WHY WE WEREN'T GIVEN A 360 OR GAR SINCE WE WERE THE HIGHER AIRPLANE. WE HAD OUR LNDG LIGHT ON AND THE OTHER PLANE DID NOT; SO IT SHOULD HAVE BEEN CLR WHICH PLANE WAS WHICH.