I feel she is fine as she is. You get a chance to reposition and avoid ALL damage. How anyone could say that being invincible is a weak ability is beyond my scope of knowledge.
If Wraith mains had it their way they would want no trail at all, faster movement speed, and the ability to see enemies while phasing. Hell, just let them have access to their weapons during the phase while you're at it.
While we're at it, why does Wraith have to run somewhere to set portals? Just let her shoot her portal like the portal gun!
You know what, just let her teleport behind you at any moment and stab you with her knife!
I seriously hope Respawn ignores these nerf/buff ideas I've been seeing. 'Balance' means leveling out risk and reward and providing ample counter-play. The game is designed around gun-play with abilities to assist in zoning and pushing, etc. It is sounding like people want the game to be designed around abilities with gun-play as a secondary factor.