Everton signed Richarlison from Watford last month, with the Toffees paying an initial £35m for the Brazilian, although the deal could eventually reach £50m.
The 21-year-old scored five Premier League goals for Watford last term following a move from Fluminense, and Smith has backed the attacker to give Everton "that little spark" during the 2018-19 campaign.
"Richarlison is a really interesting one - he blew our socks off in those early stages for Watford and then he ran out of gas a little bit. But he is certainly a talent and has had a summer of rest," Smith told Sky Sports News.
"So if he can produce that sort of Watford form in a better team, then he could give them that little spark."
Everton will open their 2018-19 Premier League campaign against Wolverhampton Wanderers on Saturday afternoon.