Bale moved to Real Madrid for a world record-breaking fee of around £85m at the end of the summer transfer window.
However, Aldridge values the Reds' number seven higher than the figure that Los Blancos paid Tottenham Hotspur for the Welshman.
"Gareth Bale, who went from Tottenham to Real Madrid for £85m, is a quality player but he's no Suarez," Aldridge wrote in his Liverpool Echo column.
"The fact is that if the Uruguayan hadn't picked up that long ban last season he would have been Player of the Year and he would have won the Golden Boot.
"He's worth more than Bale and Saturday's phenomenal hat-trick against West Brom proved that. It's hard to believe that the highest bid Liverpool received for Luis Suarez back in the summer was £40m plus £1 from Arsenal."
Suarez starred in the Reds' 4-1 win against West Bromwich Albion on Saturday, scoring a hat-trick to take his tally for the season up to six, despite missing the first five games of the season through suspension.