As mentioned, for an engine, what counts is peak horsepower and the shape of the torque versus rpm curve (the effective width of the powerband). Knowing the peak torque without knowing the rpm peak torque occurs at, is not enough information to determine peformance. However, knowing the peak power without knowing the torque is enough information to know peak peformance.
Some formulas:
Using the english system, horsepower is force (lbs) times speed (mph) divided by 375:
Let P = power, F= force, S = speed
1 hp = 550 lb x ft / sec
P/hp = force (lb) x speed (mile/hour) x (5280 ft/mile) (hour / 3600 sec) (hp /(550 ft lb / sec))
P/hp = (F x S) / 375
Power versus torque x rpm in english units:
P/hp = torque (lb ft) x (rev/min) (2 x pi / rev) (min / 60 sec) (hp / (550 ft lb / sec))
P/hp = (torque x rpm) / 5252.113122...
Power versus torque x rpm in metric units:
1 horsepower = 745.69987158227022 watts = .745... kw (kilo watts)
1 foot = .3048 meter
1 pound = 4.44822 Newtons
P/kw = torque x rpm / 9549.2966...
Other tidbits:
The drivetrain is an important factor since it consumes power. The time it takes to shift is also important, since no power is transferred during a shift. Shift times with a manual transmission can take 1/2 second or more. A typical automatic shifts about the same, but power losses through the fluid clutch add to the overall power consumption. I don't know how efficient CVT type transmisions are. A computerized no lift sequential shifter, such as an XTRAC, can complete a shift in 30ms to 50ms, depending on rpm drop, and are used for race cars where this type of transmission isn't banned.
A typical Formula 1 race car uses a 7 speed, no lift sequential shifter. High end drag cars make so much power that they typically just use a single forward speed transmission. The clutch does all the slipping to keep the tires near their limits of traction, consuming the excess power from the engine. Engine rpms are virtually constant until near the end of a run.
The final component is the tires, getting the power to the pavement. Stickier tires will allow for more acceleration.
At low speeds in first gear, a slipping clutch or spinning tires allow the engine rpms to be high enough to be in the power band. Depending which has better effective dynamic traction, it may be better to spin the tires rather than slip the clutch when launching a car. A lot of cars have clutches designed to limit dynamic traction to avoid drivetrain damage, in which case it's better to launch with spinning tires.
A 2006/2007 Corvette Z06 has a electronic torque limiter to protect the drivetrain, so it has a sticky clutch. It also has traction control (reduces engine power) that allows some slippage, and stability control (individual computerized wheel braking) to keep the car stable. Even though first gear redlines at 61mph, the car is traction limited (the tires spin) unless the tires are fairly warm(or the owner switches to a very sticky tire).