Not sure if you mean that the caller's phone is supposed to show "Call Waiting" if the person being called is already on the phone with another party, and their call waiting is being activated to let your call go through?
If that's what you mean, then no, there is no way to show that. There used to be a way to know if the person you were calling was already on the phone with someone. After the first ring, you would hear a subtle clicking sound, and you knew that the person was already on the phone with someone else. I don't know if that still exists, and I definitely don't know if it ever worked outside of the USA.