The Uruguayan striker has been in scintillating form for the Reds this year, and is tipped to be among a three-way tussle for the PFA Player's Player of the Year award with Manchester United's Robin van Persie and Gareth Bale of Tottenham Hotspur.
The 26-year-old took his Premier League goals tally to 22 on Sunday after helping the Merseysiders to a 3-2 win over Spurs, and Gerrard is adamant that Suarez deserves the accolade.
"I think Luis may just pip [Gareth Bale] to Player of the Year, in my opinion," Gerrard told BBC Sport. "He's been incredible. It's hard to put into words how good he's been.
"He's been doing that for us all season. Before the last [transfer] deadline we never got that centre-forward, and he's almost carried us on his own at times because he was the only forward we had.
"I think he's top scorer in the league now. If he doesn't win an award this year, he'll be the best player ever not to win an award."
Liverpool travel to Southampton on Saturday.