As "working on the meaning" and "figuring out the meaning" both refer to the same process it seems redundant to use both. It's like saying "I'm practicing getting better at English". "Wanting" adds a new element - your desire, so that seems a morereasonable addition.
I have been wanting to figure out the meaning of that math term.
Other ways of saying it, and some possible alternatives:
- I've been trying to figure out the meaning of that math term.
- I want to figure out the meaning of that math term.
- I've been working at understanding that math term.
- It's been my aim to figure out the meaning of that math term.
This is by no means an exhaustive list.