The only way I can see this being even close to a fair fight is if we use the superior T-850 from Terminator 3 and ditch the speed equalization, arguably one of Robocop's biggest weaknesses.
Given all their weapons, the T-800 simply doesn't have the firepower to take Robocop down. The closest argument I can think of is the scene from Robocop 2 where Murphy had his hand blown off by a .50 cal Browning machine gun, and while the T-850 did wield one in Terminator 3, the closest thing we have to go off of for the T-800 is the M134 Minigun from Terminator 2. Given that Robocop survived the showdown between the police after being heavily damaged by ED-209 with some minor damage to his tracking system, I can't say with confidence that even sustained fire from a Minigun would inflict enough damage to take out Robocop.
On the other hand, Robocop has in his arsenal a hand-held missile launcher, and most prominently, the Cobra Assault cannon, both of which I'm almost certain would destroy a T-800 given how the one in The Terminator reacted to the homemade pipe bomb. You could make the argument that it survived the explosion in the truck, but the weapons listed above create a very concentrated explosion that are way more comparable to the individual pipe bomb.
Robocop is simply more durable. During his fight with Cain in Robocop 2, he was able to withstand several blasts from Cain's shoulder mounted cannon, which I'm sure would be about equal to the T-800's grenade launcher from T2 or even the T-850's from T3. And if you don't buy that argument, how about in Robocop 2, when his car was shot by two seperate rockets, flipping it into the air, leaving him with absolutely no traces of damage. The T-800, if hit with a similar attack, would no doubt be destroyed.
So yeah, I basically see no way of a T-800 class Terminator winning this fight. However, if it was a T-850, one that was able to hold up a multi-ton nuclear blast door, go hand-to-hand with the TX, and survive basically everything I listed above, then you'd have a real fight.