A WASP is a White Angle-Saxon Protestant. A Caucasian is a term used to indicate a person who is *not of color*.
So, in order to be a WASP, of course you need to be a Caucasian. That's the W (White). But to really be categorized as a WASP, you also need to have ancestry from the two of the tribes of Ancient Britain, the Angles and the Saxons. By the way, in spite of how goofy it sounds, England simply means Angle-Land, the land of Angles. Nowadays you will often hear the term Anglo for a Caucasian, or a White Person, but it really means of the ancient tribe.
In addition to being Caucasian (White), and of English descent, a WASP must be Protestant. That would be Christian, but not Catholic. Protestants, as the name implies, were the people who protested the church in the 16th Century. So, my ancestors, the Puritans, were among the first group of Protestants, and I am, as I am Presbyterian.
Since all of this is really useless trivia, the term Caucasian is based on a group of people who lived in Russia, near the Caucasus Mountains in Russian. I'm serious here, go Google it, I'll wait.
My ancestors were never anywhere near Russia, so by that definition, I couldn't be called Caucasian by any stretch of the imagination. Still, people like to label things, and create groups for people, even if it's just nonsense.
As you can tell, I'm not a racist. I'm a culturalist, and a nationalist. My interest in my ancestors has to do with how they lived, what their religious beliefs were, what languages they spoke, what they ate for breakfast. I can't get enough of learning about that. Learning about how people have tried to label groups based on race is something that I've had to plow through, just to get to the good stuff. Since the term of Caucasian is so nonsensical, I reject it. As for the WASP, I focus on the last three letters, which tells me about my Anglo-Saxon ancestors, and their religion.