Well lets compare them and see who is the best.
Graphics
FF7 at its time it was cutting edge but as it is right now it looks like crap as it was released in the early ps1 day so it doesnt pass the test of time
OOT Has some of the best N64 graphics and it still looks decent enough by today standards as the N64 had better graphics.
Gameplay
Here I think OOT wins because FF7 had a pretty good battle system but not revolutionary nor that original. OOT had plenty of imaginative puzzles and while the swordplay was basic the amount of items you had and how they where used made the game more strategic, more original and even revolutionary.
Sound
this one is quite hard as both games have a great soundtrack but I give the nod to ocarina of time because its music was a little more original and it stays with you for much more time. Also the N64 didnt have orchestrated music so it is quite a feat.
Story
FF7 had great story but it was quite convoluted. On the other hand OOT had a lot less dialogue so it was more streamlined. In the end I think FF7 wins as it concentrates more on story than zelda.
Conclusion
So for me OOT wins because it is more original, FF7 felt like a 3d version of FF6 while Zelda was a whole other beast compared to its 2d counterparts. I am not a fan of either game but Zelda does stand out more so there you go.
