Arteta was on target to score a late winner against Queens Park Rangers on Saturday for his first goal of the season.
The Spaniard has relished a vice-captain role at the Emirates, performing consistently in a deeper midfield position.
Wenger believes that Arteta has thrived on the responsibility due to his diligence and focus.
He told the club's official website: "Since the beginning of the season Mikel has been absolutely outstanding.
"He does a fantastic job, he is highly focused and I am very happy for him that he gets the rewards.
"You rely on experience because those players can deal better with the pressure and have gone through it before. That helps us to focus on what is important."
The 30-year-old's decisive strike last weekend helped the Gunners climb to sixth place in the Premier League.