The Portuguese tactician was sacked by Chelsea last March less than nine months after arriving from previous club Porto, where he won the treble of Primeira Liga, Portuguese Cup and UEFA Europa League in his first season in charge.
The 35-year-old has since bounced back with Spurs this season, guiding the White Hart Lane outfit into the top three - above both the Blues and the Gunners.
Wenger, who is preparing to pit his wits against the Portuguese in the North London derby on Sunday, told Arsenal's official website: "He has done well. I think he has done well.
"For the rest, I don't know how life is on a daily basis (at Tottenham). It is very difficult to assess that, but they play well.
"They are a good side. They have renewed a lot their team and they are doing quite well.
"Villas-Boas got a deserved second chance. Sometimes you get the second job because you got the first one.
"For example, it would have been maybe more difficult to get the Tottenham job if he had not had the Chelsea job before because people could watch him and see what he has done and speak to players who have worked with him.
"So, you have bit more of a guarantee than just importing someone from Portugal."