Carrick has made 34 appearances for the Red Devils so far this season but is rarely mentioned alongside the likes of Robin van Persie, Wayne Rooney and Nemanja Vidic as one of United's most important players.
However, Ferdinand believes that the midfielder's pass to set up Javier Hernandez's goal in their 2-2 draw with Chelsea yesterday showcased his quality.
"Michael is the most underrated and undervalued player in the league," said Ferdinand.
"No-one else could play a pass like he did for Javier's goal. It has to be the ball of the season. But I am sure no-one will talk about it. It will be swept under the carpet and all the talk will be about other players who maybe do a little bit more explosive things than Michael does.
"He is laid back and plays at his own pace, so he always goes unnoticed. But he is valued highly by each member of our squad, don't worry about that."
United are currently top of the Premier League table, 12 points clear of Manchester City.