AS far is in flight ballistics goes... yes, they are very near identical. With the 140 grain 7mm-08 having a very slight edge to the 165 30-06 (assuming the same bullets are being fired).

As far as terminal performance goes the same bullets should penetrate about equally from the two but the 30 caliber bullet will create a larger perminantwound channel, transfer more energy to the animal, and do more damage internally to the animal.