Hoy overtook Redgrave's tally of five gold medals with success in the men's keirin earlier today to become Britain's most decorated Olympian of all time.
However, the 36-year-old believes that Redgrave's feat of winning five golds in five consecutive Games is still a bigger achievement than his six golds in three Games.
"In terms of Steve Redgrave, he's still the greatest. Just because you have six gold medals, doesn't mean to say you're better than he is," said Hoy.
"He did it in five consecutive Games and when you realise how much goes into those four years... for him to do that five times, he's the greatest. Until someone does that six times consecutively, he's still the greatest.
"He said 'Congratulations. It's not even on count back now. You've got more than me, definitely'. I was a rower as a schoolboy and to have somebody like Steve here to congratulate me, it's quite surreal. I couldn't have wished for a better end to it all."
Hoy's overall tally of seven medals also draws him level with fellow cyclist Bradley Wiggins.