Injuries have hindered Carroll's time at Upton Park after joining on a season-long loan last summer, restricting him to 20 appearances for the Hammers.
However, the England international has recently contributed an improved run of form, scoring five goals in his last seven games, including the equaliser at Southampton on Saturday.
That result handed the Hammers an important point as they closed on preserving their Premier League status for another year, with the Londoners now seven points clear of the drop zone in 12th place.
Carroll has not ruled out making his stay at Upton Park a permanent one and Allardyce says the club will look at his future once the campaign has ended.
He said: "We'll make a decision on all the loan players at the end of the season.
"I always said that once Andy got match-fit he'd put the goals in the back of the net and show that he is a good goalscorer as well as a good player, and his goals just sum it up.
"When we needed him he was there, he's produced and that's what you want, someone who can turn a game for you. And that's what he's done recently and made it very comfortable for us in terms of points.
"He can miss some chances but it's not worrying him anymore."