So 'esperar' is effectively to hope and to wait? Nifty.
The subjunctive mood is so little used in English that many fluent speakers don't even recognize it. Yes, your sentence is correct. The present subjunctive of a verb is identical in all forms (for all subject persons) to the bare infinitive. That is to say, it is indistinguishable to the present tense indicative forms, except for the third person singular, where the subjunctive lacks the -s ending.
Nevertheless, for the purpose of these exercises, we are expected to translate from the Portuguese subjunctive mood into Engligh using just ordinary indicative mood. No need to get fancy here.
It might be a stretch to say that it's accepted now, even in the U.S. (where the usage is more conservative), but there are probably still some people who would insist that it is strictly correct, and you would certainly find it used, say, a hundred years ago or so. If you look in old books, you can even find usage such as ‘if it be’ where we would now say ‘if it is’.
It's definitely still used, at least in the U.S., when the statement is implicitly giving a command. Wikipedia gives this useful contrast:
I insist that he is here (indicative, a forceful assertion of the fact that he is here)
I insist that he be here (subjunctive, a demand that the condition of his being here be fulfilled)
I think that your sentence is in the English Present Continuous, which has a different meaning from the Simple Present, and I would say it translates in Portuguese as "eu espero que ele esteja esperando por mim".