The OP question is who is better.
Simple answer is McGrath because he was more effective.
There a bit of a difference how great players lists and better players lists are sorted out.
Better player means that if you have to pick one bowler in your team, you will go for the one who can create most impact, which in this case is McGrath (disregarding Wasim's batting ability).
But if you are making a great players list and you have to put either one of Wasim and McGrath ahead of the other, than it becomes tougher. Since a lot of other factors needed to be considered (innovation, aesthetics, impact of future generations etc).
If I had to choose a world xi i would choose Wasim Akram,principally because of his left-arm variety to join Lillee,Marshall,Warne etc in the attack.Akram's incredible versatality would be a greatest menace to opponents than Mcgrath's consistency.For a place in an all-time xi many more cricketers have chosen Wasim over Mcgrath.Wasim got 27 votes to be selected in the all-time xi above Mcgrath's 8 votes.Wasim was chosen in the all-time world xi in the overall selection of 100 cricket legends of Richard Sydenham.To me more than Mcgrath's ultra-accurate line and intelligence Wasim's magical innovations and mastery of bowling art would be a greater threat for opponents.Generally,Wasim was the more difficult to face at his best.
It would take a photo-finish to morally separate them.Mcgrath was a bowling metronome like a programmed machine ,Wasim was a magician with the creativity of a musical composer.Mcgrath could bowl six deliveries in the same spot in the same over,Akram could bowl 6 different types of balls in an over.Akram posessed unmatched variations of reverse -swing in his armoury while Mcgrath posessed control or acuracy not surpased by any fast-bowler.
Still if you go by statistics,Mcgrath is better.Although Wasim had more all-round skill over a prolonged period he could cause as much trouble as Wasim against batsmen like Viv Richards or Gavaskar.In Anantha Narayan's statistical analysis of 15 most faersome bowlers in August 2010 Mcgrath is ranked 2nd behind Murlitharan while Akrm is placed at 13th place considering a huge range of factors.
In the end we have to choose whether statistical performances is our criteria or all-round skill.
Points favouring Wasim
1.He got half his scalps on flat subcontinent tracks.His mastery of reverse swing enabled him to overcome the barriers of the subcontinent's pancakes.Wasim also was not supported often by his fielders or his team's batsmen.
2.Wasim had far more variations.He would often dismiss batsmen with deliveries that were unplayable while Mcgrath would gain wickets often through mistakes created by batsmen.Brian Lara and Jacques Kallis rated him the best pace bowler they ever faced.Alan Donald rated him the most complete.
3.Wasim was faster and could move the ball far more.
4.More 5 and 10 wicket hauls compared to no.of tests played than Mcgrath.Mcgrath got 5 wickets 28 times in 124 tests while Wasim got 5 wickets 25 times in 104 tests.Wasim had 5 10 wicket hauls in compariosn's to Mcgrath's 3.Also Wasim has better bowling average in games won.In peak period a marginally better strike rate than Mcgrath of 46.7.
5.In terms of pure match -performances in a career evaluated in rating sof test match bowlers in 2009 by Anantha narayana on cricinfo cordon almost on level woth Mcgrath with 18.7 as against Mcgrath's 18.9.Match performances in career ***** nature of opposition,nature of wickets,situation of game etc.Had he got better support from his fielders he may have even surpassed Mcgrath in this respect.
Points favouring Glen Mcgrath
1.Possessed more control and accuracy
2.More intelligent and could analyze opponent's weaknesses better.
3.Statistically better with 149 more scalps and a more economical average by 2 runs.Mcgrath has a strike rate of 51.9 compared to Wasim's 54.6 and best figures of 8-23 and 8-38 while Wasim's best is 7-119.
4.More top order wickets from 1-6 position and percentage of scalps in games won.He also ran through batting line-ups more.Mcgrath has 66.9% of top order wickets than Wasim Akram's 56.9% of top-order scalps.