I think it's a matter of taste. I prefer JRPGs, so FFVII is the best one for me. But both are great games in their own right.

Ocarina is more innovative and its formula was copied for many years. Z Targetting especially (I know some other game used something very similar before OOT), set an example for everyone to follow.

And FFVII, while not that innovative, also set its own legacy: if not for FFVII the West would have missed many great JRPGs from then on. It opened the floodgates and publishers started thinking of US and Europe as viable markets for JRPGs. So we have FFVII to thank for that.