I don't think I would go as far as to say Pink is better given a lot of very well respected test discs are using white.
C&P
White Noise
For processes of testing and equalizing rooms and auditoriums, it is convenient to have broad-band noise signals. Typically, white noise or pink noise is used. White noise is noise whose amplitude is constant throughout the audible frequency range. It is fairly easy to produce white noise - it is often produced by a random noise generator in which all frequencies are equally probable. The sound of white noise is similar to the sound of steam escaping from an overheated radiator. The ear is aware of a lot of high frequency sound in white noise since the ear is more sensitive to high frequencies. Since each successive octave of frequency will have twice as many Hz in its range, the power in white noise will increase by a factor of two for each octave band. Twice the power corresponds to a 3 decibel increase, so white noise is said to increase 3 dB per octave in power.
Pink Noise
For processes of testing and equalizing rooms and auditoriums, it is convenient to have broad-band noise signals. Typically, white noise or pink noise is used. Whereas white noise is defined as sound with equal power per Hz in frequency, pink noise is filtered to give equal power per octave or equal power per 1/3 octave. Since the number of Hz in each successive octave increases by two, this means the power of pink noise per Hz of bandwidth decreases by a factor of two or 3 dB per octave.
Since pink noise has relatively more bass than white noise, it sounds more like the roar of a waterfall than like the higher hissing sound of white noise.
Pink noise is often the choice for equalizing auditoriums. Real-time analyzers can be set up so that they display a straight horizontal line when they receive pink noise.
