The Colombian international joined the German outfit on a two-year loan deal from Real Madrid in the summer, but a thigh injury disrupted his availability.
Last night, the 26-year-old impressed against Schalke 04 by scoring one and creating assists for the other two goals in a 3-0 win on away soil.
Despite Rodriguez's performance, Ancelotti believes that the attack-minded player still has a way to go before he is fully fit.
"He did well, he had a good performance," The Mirror quotes the Italian coach as saying. "He played with the team, for the team, together with others with a good combination.
"I think he has to improve his physical condition because he is not 100%, but what he did today was really good."
Rodriguez has been on Madrid's books since his 2014 move from Monaco.