The former Ajax playmaker was part of the £110m worth of talent brought to Spurs last summer following the world-record sale of Gareth Bale to Real Madrid.
While many of their seven signings have struggled to settle, or deliver in the Premier League on a consistent basis, Eriksen has performed well, particularly since Sherwood's appointment in December.
The Dane has scored seven goals in his last 15 games, including two in the win over Southampton on Sunday, and Sherwood is delighted that Eriksen has established himself as a match winner at Spurs.
"He's a good player isn't he, he's up there with one of the best acquisitions we've made," Sherwood told reporters.
"He's got so much in his locker, he not only assists, he scores, he affects a football match. And he's only young, he's a baby in footballing terms really, he's a fantastic player."
Eriksen cost the Lillywhites £11m when he signed from Ajax in August 2013.