The Republic of Ireland international endured a horror performance against Chelsea at the weekend, where he netted two own goals before missing a penalty in their 4-0 defeat at the Britannia Stadium.
However, the 29-year-old scored twice during the Potters' 4-1 win over the Championship side in their third-round replay, and Holloway believes that Walters personifies the ethos of the Premier League outfit.
"I think [Stoke boss] Tony Pulis has done a fantastic job," Holloway said. "I think his team are honest, hard-working and never stop, and Jon Walters just sums all that up for me.
"You see what he did on Saturday, but today you wouldn't have known he ever dreamed of making a mistake.
"He is a wonderful fella, a brilliant player and a credit to Stoke."
Stoke travel to Swansea City in their next match on Saturday.