Midfielder Halliday is second in line to take penalties for the Gers, but striker Waghorn has been superb with spot kicks so far this season.
The 25-year-old striker, who joined Rangers from English League One club Wigan Athletic in the summer transfer window, has successfully converted seven penalties out of seven so far this term.
Halliday, who also moved to Rangers in the summer transfer window after leaving English League One club Bradford City, has revealed that he is second in line to take penalties.
“The sad thing is I’m second for the penalties and I’m choking for him to come off and let me have a shot,” the 23-year-old former Middlesbrough man told The Scottish Sun.
“If he’s not on the park I take them but he is playing 90 minutes most weeks so I probably won’t get a shot.
“We practise penalties in training and it was between the two of us and he got the nod. But that’s seven from seven penalties now and he’s different class.
“I’m happy to let him do it when he’s got a conversion rate like that. He practises them every day and reaps the benefit.”
Rangers have been in superb form in the Scottish Championship so far this season and are on course to winning the league title.
Mark Warburton’s side are at the top of the league table at the moment with 24 points from eight matches, nine points ahead second-place Falkirk, who have a game in hand.