The 23-year-old was the Hoops' standout player on Saturday as they won their first league game of the season at the 17th time of asking.
Taarabt netted both of QPR's goals in the 2-1 defeat of west London neighbours Fulham as manager Redknapp got the desired response from the "heart-to-heart chat" he had with the playmaker last Monday.
Redknapp, who sold the Morocco international to QPR when Tottenham manager, believes Saturday's performance is just the start for the midfielder, who he was quick to compare to a man he managed at West Ham.
"He can be a top, top player," Redknapp said. "He's got ability like not many people you've ever seen in your life.
"He's like Di Canio, who I thought was a fantastic player, one of the all-time greats at West Ham. This boy is the same.
"He can do things that nobody else can do. No one can do what he can do. He's amazing.
"He nutmegs people and he goes past two or three and they're hanging on to him but they can't get the ball off him.
"It's amazing, but we always felt that when he was at Tottenham.
"When I let him go, he used to come back and I'd say to him 'you're making me look a fool, Adel! I keep seeing you on telly, you're worth £20million, I sold you too cheap! What are you doing? Are you still having a laugh with me?'.
"But I never wanted to let him go at Tottenham, I was scared to let him go. I always felt he had a value even if he wasn't starting.
"He could still come off the bench and turn a game for you, but it was hard for him to get in the team back then and in the end [chairman] Daniel [Levy] said 'look, if he's not going to play, we might as well sell him and get a big sell-on fee' and that's what the club did.
"He wasn't a player I ever wanted to release. And he's grown up a bit now, he's better than he was. He was a complete fruitcake at Tottenham."
Taarabt's form will be key if QPR are going to beat the odds and secure survival, with the side currently five points adrift of safety.
"It's going to be hard," Redknapp said. "We've kept ourselves in there, that's all.
"We've got that monkey of our back with that win and we've given ourselves half a chance.
"We've been excellent in all the games [since I arrived]. We should have beat Villa here really, and drawing at Wigan and Sunderland away has given us six points from four games. That's the average that we'll have to get.
"You need two wins from every four games or one win and three draws. That would keep us up at the end of the season."