Ferguson, who retired after 27 years at the helm of Old Trafford last summer, had a long-standing rivalry with the Frenchman.
Wenger, who has won 572, lost 192 and drawn 235 games during his reign so far, will reach the milestone in tomorrow's clash against Chelsea at Stamford Bridge.
As well as praising Wenger's abilities, Ferguson has complimented Arsenal's playing style and how the Frenchman has highlighted the importance of "stability" at a football club.
In a statement via the League Managers' Association, Ferguson said: "I congratulate Arsene in reaching this momentous landmark. Having also reached the same milestone at one club, I cannot emphasise enough the level of dedication, resilience as well as sacrifice required and for that I have for the utmost admiration.
"Over the years we enjoyed some fantastic battles and you could say we had survived together and respected each other's efforts to play good football. I always enjoy watching Arsene's sides – Arsenal play the right way. Playing against them always presented special challenges that I burned many hours over the years thinking about.
"He has always been a conscientious member of our trade who makes it his business to help other managers. Perhaps the biggest compliment I could give Arsene is that I could never be anything other than competitive with my rival for 17 years.
"Overall this achievement once again shows what stability can bring to a football club and without doubt he has created a permanent legacy during his 1000 matches with the club."
Wenger received a special award at Arsenal's London Colney training ground to mark the achievement this morning.