After blasting 28 goals in a red shirt so far this season, Liverpool's No.7 is in line for the Player of the Year award - and the assistant boss feels he is right up there alongside some of the best footballers on the planet.
Pascoe told Liverpoolfc.com: "He's up there with the best in the world.
"The way he plays, his goals, his record - his name should be next to the best players in the world.
"I said a couple of months ago he is one of the best strikers in the Premier League and with the way he has been performing, he deserves to be a favourite for the Player of the Year award. The way he conducts himself and the way he has been performing has been brilliant.
"He is unique because he can play in four different positions. He can play as a No.9, a No.10 and wide left or right. He makes chances for himself as well. Some strikers need players to pass to them but with Luis he can score a goal from anywhere or any opportunity."
Last season it was claimed in some quarters the Uruguayan international was not a natural goalscorer, but Pascoe insists this season has proved those comments are completely wide of the mark.
He added: "Nothing's changed. He wants to score goals, he always puts defenders under pressure, he wants to get in the box and he'll challenge them. I think last season he scored 17 goals in 39 appearances which is one in two and not bad for a striker.
"He is Luis Suarez - it's as simple as that. The way he plays, the way he works hard on the pitch. He's always putting defenders under pressure and always wants to score goals.
"He loves our style, the way we play, the passing game. Luis just loves football. He loves training and wants to play every game. He wants to play 90 minutes and look out if we take him off as he's not a happy chappy! He wants to play all of the minutes."
Sunday's clash with Tottenham Hotspur at Anfield has been billed in some quarters as Suarez versus Gareth Bale, with both men hotly tipped to contest the Player of the Year award.
Pascoe is an admirer of his fellow Welshman and insists Liverpool have made contingency plans to deal with the Spurs man's threat.
He added: "He is an absolutely fantastic player and you have to be aware of where he is on the park, whether that be wide left or behind the striker. You've got to get bodies around him, you've got to double up on the sides when he gets the ball and try and deny him space and time on the ball.
"I was aware of him when he was in the youth team at Southampton and you could see talent coming through - and what a talent that has come through. Some of the accolades he has had recently have been deserved.
"He has played for Wales U17s, the U19s and U21s and you knew he was going to be a top player. It is up to the individual how he takes that on but he has certainly taken that on to an unbelievable level.
"For us we will keep the ball as much as we can and pass it. It's also what you do off the ball. When he gets the ball we need to deny him space. He has scored some fantastic goals recently."
Andre Villas-Boas' side haven't lost in the top flight since December and while Pascoe has respect for the qualities they possess in their ranks, he insists Liverpool can take heart from their performance back at White Hart Lane in November when the Reds were very unfortunate to lose 2-1.
He added: "We played extremely well at Tottenham. We passed the ball well, pressed well and to be honest we should have got something from that game - if not a win. We'll be looking to do that again performance-wise.
"We are high on confidence but we never underestimate our next opponents and Tottenham are a good side."
With 10 games to go between now and the end of the 2012-13 season Pascoe has called on the squad to give it everything they have got to ensure they finish as high as possible in the Barclays Premier League.
"Our target is to win all 10 games - it is as simple as that," he added.
"We always go out to win each game. We highlight the five home games at Anfield and it's important we win them. The five away - we should be winning them as well."