There is a difference between the physical meaning of the wave function and the physical meaning of one value of the wave function. Consider a system of two components, indistinguishable, with one spatial degree of freedom and spin one-half. Then for example we could have psi(q_1,p_2,s_1,s_2)
where s_i are spin variables taking the values 1,-1. {Or, choosing a different polarisation of configuration space, it could have been xi(q_2,p_1,s_1,s_2).} (I omit the conditions which psi must satisfy.)
The physical meaning of psi as a whole (up to a phase factor) is that it is the
"state"
which the system is in. "State" is a physical term, it includes all physical properties of
the system. Any further question such as 'what is a state' is essentially philosophy,
not physics.
The physical meaning of the value of psi (provided psi is normalised to have L^2 norm unity) at a particular value of q_1, p_2, s_1, and s_2, is that the square of the modulus of the value is the probability that the system will yield a measurement result of position of first compononet = q_1, momentum of second component = p_2, spin of first component = s_1, spin of second component = s_2 --- provided, of course that the system interacts with the appropriate measurement apparatus for this set of questions.
The physical meaning of psi as a whole, or of xi as a whole, is the same. And this meaning is simply one of the six axioms of QM. The physical meaning of the values of psi is different from those of xi, but these physical meanings follow logically from the physical meaning of psi or xi as a whole plus the axioms of measurement plus the definitions of the spin observables, position observables, and momentum observables.
Just as one could study a function without picking coordinates (and hence a fortiori no picking a polarisation of configuration space), and without studying its values, so the physical meaning of psi makes sense independently of the physical meaning of its values, and is, in the usual axiomatic framework of QM, logically prior. But there are re-constructions of QM which reverse this order. Some people prefer those re-constructions....Lucien Hardy is the most famous such re-constructor, and has attempted it twice (his system gets more and more convoluted each time....)
The post by Vladimir Kalitvianski is very sensible: the values of psi are, indeed, a set of measurable data, and a suitably chosen 'array' of them suffices to determine psi completely (up to a phase factor).
One cannot use similar real-valued functions, because phase relations are physical. If one tried to use real-valued functions only, it would not describe all the physical properties of the system (it could not take into account the phase relations).