Despite his advancing years, the 34-year-old has featured on 44 occasions for the Tractor Boys in all competitions this season.
With that in mind, McCarthy has praised the Trinidad and Tobago international for the "really good example" that he has set his teammates.
"Carlos is a really good example to any young player, at 34, in the way he conducts himself and to have the levels of fitness that he has," the East Anglian Daily Times quotes McCarthy as saying.
"He comes in with a smile on his face, trains well every day and is a good person to have around the club, that's why Paul [Jewell] made him the captain and that's why he is still captain now.
"He does his job properly and everyone respects that. He's not demonstrative but works in a calm and collected way."
Edwards joined Ipswich from Sunderland back in 2009.