Schweinsteiger has played his part as Bayern sit at the head of the Bundesliga, with 60 points from their opening 23 games and conceding just eight goals.
The Germany international has also scored five times in the Bundesliga - and twice in the Champions League.
Heynckes told the club's official website: "Bastian reflects on football on a day-to-day basis.
"He thinks about attack and defence at the same time, and is a key reason that we concede so few goals.
"Sergio Busquets is one fabulous player, and in my view Bastian shares with him the status of the world's best midfielder.
"In today's football you need to play intelligently and combine effectively in tight spaces. Schweinsteiger can do all that.
"That's what makes him priceless."