I've got the exact same measurements, actually! Well... 36 bust and 41 hips but generally the same.
And it depends on your leg-torso ratio. I've got a fairly long torso for my height so the kinds of dresses that work on me are natural waist dresses, or princess style dresses. Empire waists are too high and make me look pregnant, but dropped waists make my hips look fracking ginormous.
If you've got a shorter torso then empire could look beautiful on you, it all depends. Also my boobs are huge compared to my waist so low cut dresses, become super inappropriate. And empire waists give my boobs NO room at all.
It's all about the specifics of your body, not just your measurements.