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In this paper we address the problem of synthesizing dynamic antiwindup compensators for linear systems with saturating input, and input and state delays. Based on the use of a Liapunov-Krasovskii functionals, a generalized sector condition and the Finsler Lemma, we propose LMI conditions for the synthesis of rational antiwindup compensator that guarantees local (regional) input-to-state stability, as well as asymptotic stability of the closed loop system. The computation of the antiwindup compensator is carried out from the solution of convex optimization problems: the maximization of the L2-norm upper bound on the admissible disturbances for which the system trajectories are assured to be bounded, and the minimization of the L2-gain of the disturbance to the system regulated output. A numerical example illustrates the effectiveness of our methodology, which advances previous related works towards less conservative results.