The Lions extended their unbeaten run to 12 matches with a 1-0 victory at Wolves on Tuesday as Wood, who has seven goals in his last eight outings, set up Andy Keogh for the winner against his former club.
While Kenny Jackett's side may be the division's surprise package, Mowbray knows first hand the threat 20-year-old Wood poses having worked with him at West Brom.
Mowbray said: "I think Millwall are the team that are amazing us all at the moment - they're on a fabulous run.
"With total respect, they're not a team with huge resources and yet they're obviously doing something right.
"Young Chris Wood, who I knew from West Brom when we took him from New Zealand as a young boy, is showing what a fabulous prospect he is and scoring goals for them."