Unlike the paper war of Madhuri vs Sridevi (ie it was entirely fabricated by the media), Jaya Prada and Sridevi were as much competitors as they were contemporaries. Jaya Prada took potshots at Sri and vice-versa - in fact, recently Jaya Prada made a slight dig at Sri on the TV show Jeena Isi Ka Naam Hai, a Telugu talk show and a few others in print.
With Madhuri Dixit, well, Sri and Madz never worked together unlike Jaya. Both refrained from commenting on the other in a negative light despite a lot of goading in the press - for which we have a lot of respect for La Dixit and La Devi!
Pics here from the song Aajao Aajao Naagraja Tum Aajao. A loud, over-the-top number. But the dance is rather spectacular. Both actresses trying to out-do each other. It would be folly to state who's better - esp as we're obviously the largest Sridevi fan club and our favouratism is clear - but even the harshest critic has to say, Sridevi's more graceful in the number. Right?! ;o)