Di Canio guided the Black Cats to a famous 3-0 victory at St James' Park back in mid-April - a result that was crucial in securing their Premier League status.
However, the Italian's reign on Wearside came to an end after just six months on Sunday when he was sacked following reports of severe dressing-room unrest.
Pardew is due to take his Magpies side to the Stadium of Light in a little over a month's time, by which time a new manager will be at the Sunderland helm.
After Arsene Wenger, Pardew is the second longest-serving top-flight boss, having been in the job at Newcastle since December 2010.
Speaking of Di Canio's dismissal, he said: "With my LMA (League Managers Association) hat on, I was disappointed, because he attacked the job with passion and enthusiasm, and it hasn't worked out.
"So there's some sympathy for him and the club, and I wish them well.
"I'm not going to throw any criticism at what Paolo did at Sunderland. He entered the job with good faith, and he did an honest job, which is what he thought was right, and I'm sad to see him go."
Newcastle host Leeds United in the Capital One Cup third round on Wednesday night, with Pardew hoping his side can bounce back quickly after the disappointment of losing 3-2 at home to Hull in the Premier League on Saturday.
The Toon boss says he is still fuming after that defeat and has vowed to freshen up his line-up against Brian McDermott's Championship visitors.
"This will be a team that makes up for a disappointing game on Saturday," said Pardew.
"I'm still livid about that result, so make no mistake, we will be at the races.
"I'm so disappointed about Saturday, I can't begin to tell you. It hurts me to tell you now, three days later.
"We had a great opportunity to get into the top four, which might not come around again. We need to put that right against a club of great magnitude, which deserves to be in the Premier League."