I'm a software engineer working with audio codecs every day but you don't have to be to hear that wma is superior to MP3 on all bitrates.
As Clare already stated, have a look at (and listen to) AAC. This codec gives a transparent representation of your hifi stereo recordings at bitrates over 128 kbps (I generally use 160, so that's 80 kbps per channel).
If you're more into smaller bandwidths thus lower bitrates, you might want to check AAC+He2. This codec is not superior to the regular AAC codec in transparency, but offers a surprisingly better quality at lower bitrates (<32 kbps)