The Spaniard became the fastest goalkeeper in the Reds' history to wrack up 100 league clean sheets after his shut out against Aston Villa on December 6.
Reina achieved the feat in his 198th game to take the record away from Clemence, who reached his ton in 217 outings.
And as the 28-year-old prepares to make his 200th league appearance for Liverpool, Clemence admits he's happy to see the No.25 continue to set new goalkeeping standards.
"I didn't have a clue about that record until I was told but I'm delighted for Pepe," he said. "It's nice to have records but they are there to be broken. You are setting targets for others to beat and Pepe has done that.
"Anyone who keeps that many clean sheets in so few games has proved himself to be top class.
"It's not easy to keep clean sheets. Your concentration has to be spot on."
He added: "Pepe really is a world class goalkeeper and is still young. He has all the attributes a modern goalkeeper needs. He has great reflexes and is very brave.
"One thing that has changed from my playing days is that these days you have to be more accomplished with your feet.
"You need to be a good distributor of the ball and Pepe certainly has that ability.
"His distribution is excellent and he plays a key role in the team counter attacking. His record speaks for itself."
Reina's influence on the team has been underlined in recent weeks with Roy Hodgson's decision to hand him the skipper's armband in the absence of the injured Steven Gerrard and Jamie Carragher.
Clemence believes the Spaniard was the natural choice to take over the captaincy.
He said: "Pepe was the ideal replacement. I think it's clear he's got the respect of his teammates and all the staff and that's vital for a captain.
"He has been at the club a long time and has performed consistently well. He's one of the most experienced players in the team. Everyone knows him and what he demands from them."
Meanwhile, Clemence is adamant Roy Hodgson is the right man to get Liverpool's season back on track after a mixed start to 2010-11.
"Liverpool's start to the season has been exactly what I expected after all that happened in the summer," he said. "Roy has come in and had some good results and some indifferent results.
"It's clear that some changes need to be made but Roy hasn't had the opportunity to make those changes yet.
"I just think everyone associated with the club, including the supporters and the owners, need to have patience. It's going to take time but I believe Roy is the right man to get the club back on track."