By changing your Facebook privacy settings, you can control who is able to see and interact with you on Waze.
Open the main Menu (scroll down) and select Settings:
Then Account and Login
Then Connect to Facebook:
You will see this window:
Click on the white field:
And choose who will be able to see your real name and profile picture on the map, and also see you in their friends list:
Selecting My close friends only selects the individuals defined in your Facebook 'Close friends' list. Please note: Friends can see you on the map only when you’re within a small radius of each other. Friends who aren't nearby aren't able to see where you are, and it is impossible to zoom out or scan the map to find your friends.