I would say include it. If you are at the beginning of your career anything that gives you a potential "edge" over so many in your position is worthy of a mention. Employers should recognise it as being an attempt on your part to improve your position and hence place you above someone else with similar hrs and the basic cpl/frozen atpl licence. That said, it isn't real flying as such as I'm sure you're aware. If nothing else, your safety pilot work could potentially be rewarded by a permanent position with the owner/company if you continue.
As mentioned here, for gods sake don't try and log the hrs as that won't fool anyone. In my mind 90% of interviews are won through the text in the covering letter, not your cv. Your licence and hrs just open the door to allow you to apply in the first place. Be humble, be honest and you will find a job eventually.
I'll add that you must be able to answer and justify your role as 'safety pilot' and what it entails should you get an interview as it is an obvious form of "attack". If you are able to defend its inclusion on your CV intelligently you will stand to gain more ground than omitting it. I would suggest that the following question may be along the lines of 'from your experience, what/how do you think the role of safety pilot applies to our operation'.