The Hoops have won 13 points from 12 matches under Redknapp after previously picking up just four in their opening 13 games.
QPR are still six points away from safety in the Premier League table but Taarabt thinks that his side can still avoid relegation to the Championship.
Taarabt told reporters: "We have 13 games left and six points [between us and safety] and you never know, so I hope we can do it. We still believe.
"This has happened, I don't know how to explain that. But everybody is trying to work hard and since the new manager has arrived we are doing better."
Taarabt has scored four goals in 23 appearances for Queens Park Rangers this season.