Friend waiting room is similar to a friendzone. It usually describes two people in a close friendship that for several reasons are not ready to commit to a real relationship but in the future plan/can be a couple
John : Do you want to go out with me?
Sarah : No. I'm not friendzoning you though, I just can't commit to a relationship yet. I will put you in a friend waiting room for now.
John : Okay, I understand.