Since teams within a continent can play across club lines in things like the Champions League or Europa League, some head-to-head comparison is possible. However, how strong is a league in one continent compared to another?
The 538 people make an attempt. Not surprisingly, traditional soccer powers and their leagues are at the top of their charts.
Looking further down, you eventually can find the MLS.
One should note that the "market value" of a league is based on salaries. By that metric, the English Premier league is highest due to "wage inflation" that is possible with the rich TV contracts they have throughout the world. The same notion of "wage inflation" is true for MLS in the USA since Designated Player salaries are probably inflated for the level of talent that is obtained.
Yet, despite the monetary strength of MLS, note the weakness of MLS in direct competition! MLS is below many lesser priced leagues including Sweden! Of course, these are based on math models. In practice MLS teams never play head-to-head with anyone outside of MLS. The only exception is MLS teams that make it to CONCACAF champions league where they usually beat everyone except Mexico Liga MX clubs.
What to make of the analysis?
In Sweden, there is only so much money available from TV contracts and funds from local fan support. Good Swedish talent eventually transfer to more lucrative salaries available in other parts of Europe. If one looks at the Swedish national team roster that are striving for a spot in the World Cup, almost all play outside of Sweden. Nonetheless, some solid talent remains in country in the club system. On average, they earn less than MLS on average.
The MLS wage structure is not a strictly free market system. There are high priced players who are Designated Players earning 7-digit salaries. Teams are limited to a maximum of three such players. The rest of the team is comprised of mid-priced players picking up 6-digit salaries and players at or just barely above the league minimum with 5-digit salaries.
Thus, how strong would an MLS club be against second and third tier European clubs?
The 538 data would suggest that MLS would not fare well.
I suppose the average Swedish player is paid more than an MLS player at the league minimum?
As for talent, would those Swedish club players be comparable to the typical mid-priced MLS player? If so, it is possible that overall, a Swedish team might have more players at this level than an MLS club and thus would win in a head-to-head match? Or would those 3 Designated Players push an MLS club over a Swedish club in an on-the-field match-up?
Who knows!?
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