The Croatian centre-forward joined the Toffees from Scottish Premier League side Rangers during the January transfer window.
He has gone on to score three goals in six outings, statistics that Stubbs believes are similar to Fowler in his prime.
"There was always that doubt that he could come down to England and do it in the Premier League. But since he has come down he's impressed everybody, not just with his goalscoring, but with his overall play," Stubbs told talkSPORT.
"One of the accusations someone said to me is he doesn't work hard. Well, all I've seen is him working hard and that is probably one of the biggest things I've noticed about him.
"He is what I would class as a Robbie Fowler-type finisher. He passes the ball into the net, he never strikes the ball as hard as he can. He's a cultured finisher."
Jelavic cost Everton a reported £5.5m fee.