Step 1: Relative refractive index rule. The index of medium 2 with respect to medium 1 is $^{1}\mu_{2} = \dfrac{\mu_{2}}{\mu_{1}}$.
Step 2: Set the right pair. We want glass with respect to water, so $^{w}\mu_{g} = \dfrac{\mu_{g}}{\mu_{w}}$.
Step 3: Write the given values. Water $\mu_{w} = \dfrac{4}{3}$ and glass $\mu_{g} = \dfrac{3}{2}$.
Step 4: Make the fraction. \[ ^{w}\mu_{g} = \frac{3/2}{4/3} \] Step 5: Flip and multiply. \[ = \frac{3}{2}\times\frac{3}{4} = \frac{9}{8} \] Step 6: State the answer. So glass with respect to water is $\dfrac{9}{8}$, which is option 1. \[ \boxed{^{w}\mu_{g} = \frac{9}{8}} \]