There has been much debate about who is the best player in the top flight following Suarez's stunning four-goal haul in the midweek win over Norwich.
Aguero and Suarez are battling it out to be the Premier League's top scorer this season and Pellegrini still feels Argentine ace Aguero is a more complete player than Uruguay star Suarez.
"I never said he's the best striker in the Premier League. I said he's the best player in the Premier League," Pellegrini told the Daily Mirror.
"Of course I still think that - there may be better strikers, but not better players. He's the most complete player.
"He's different [to Suarez]. Suarez is a very important striker, but I think Sergio has more parts to his game.
"Sergio is only 25, so of course he can improve.
"This year he has improved a lot, he's always a top player and he always scores goals. But what he has added is working for the team without the ball and that's very important."