After signing from Fiorentina last summer, Jovetic endured a nightmare first campaign at the Etihad Stadium, with injuries scuppering his chances of earning a regular starting berth.
However, after an impressive pre-season, the 24-year-old has started both of City's Premier League matches this campaign, and rewarded Pellegrini's selection with a double against the Reds on Monday night.
"He was very unlucky last year with injuries," Pelegrini told Sky Sports.
"It was very difficult for him to play two or three games in a row.
"We bought him because we know he is a very good player.
"He had a very good pre-season and I am very happy for him. He deserves it."
Overall, Pellegrini pointed to the workrate of City that helped them defeat last season's runners-up.
"We work without the ball for 95 minutes," Pellegrini added
"When you play against a strong team like Liverpool, you have to play with concentration and intensity, and we did that.
"I am very happy with the way the team played all game."