People often say that the Mist Engine games (City of Mist, Otherscape, Legend in the Mist) are like Fate. Some even going so far as to say they are just Fate with a 2d6 resolution system. I don't agree.
Yes, Fate has aspects, which are superficially similar to the Mist Engine tags. However, the only similarity, really, is that they are something you write yourself to represent something about your character. The way the game mechanic is used is completely different.
Fate has skills (or approaches), and they are the core of what your character is or isn't good at. Aspects are secondary and function to augment the skills. Tags, and statuses (which are just more elaborate tags), are the foundation of how the Mist Engine runs, and also the building blocks which the whole thing is built with.
Fate also has Fate points, and the Fate point economy that goes with it. Fate aspects don't really need to be balanced. The fact that you have to spend a point to activate them keeps them from getting out of control. Mist Engine has no such limitation, and they require everyone to understand how they are meant to work and keep them within reasonable usage limits. You also only typically get a handful of aspects in Fate. Characters start with around 20 tags in Mist Engine games, and it goes up from there.
I think a much better comparison would be something like Freeform Universal or even Risus. The problem, of course, is there are a lot less people who know about those systems.