The Toffees held the table-topping Gunners to a 1-1 draw at the Emirates Stadium, with Barcelona loanee Gerard Deulofeu cancelling out Mesut Ozil's opening goal with six minutes remaining to earn an impressive point in North London.
Speaking to BBC Sport, Arteta - who enjoyed a six-year spell with the Merseyside outfit - admitted that Martinez's charges posed them their toughest test so far.
"It was a really tough game, a really high tempo game. They dominated the first 35 minutes or so but after that we had three clear chances," he said.
"In the second half we were the better side. Everton are the best side we have faced this season in the Premier League.
"They been getting results because they are doing things right. They have a good mix of players and are hard to deal with."
Everton remain fifth in England's top flight, one point adrift of fourth-placed Manchester City, while Arsene Wenger's men sit five points clear of Liverpool at the summit.